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May 27 2012 11:21
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May 27 2012 11:49
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Canberra - World Bank President Robert Zoellick says European governments have to restructure their economies to restore the confidence of markets.
Zoellick said on Tuesday the debt crisis in Europe and the political quarrel in Washington over the US government debt level had "unleashed a wave of worry and uncertainty about the global economy".
The former US trade negotiator under President George W. Bush told reporters the global economy has "moved into a new danger zone."
Zoellick thanked Australian Treasurer Wayne Swan and other finance ministers for co-writing an article published in Tuesday's Financial Times newspaper that highlighted a crisis of confidence in policy makers.