Niigata – The G7 finance ministers and central bank governors meeting began in Niigata on Thursday and ostensibly talked about the global economy, but all eyes were on ongoing negotiations on the US debt ceiling with Washington.
US Treasury Secretary Janet Yellen said at a news conference shortly after her arrival that failure to reach a deal to raise or suspend the debt ceiling would be “catastrophic.”
Speaking to the elephant in the room, Yellen said failure of the United States to meet its obligations “will create an economic and financial catastrophe. Millions of Americans will lose their jobs, household incomes will fall, and America of companies could face worsening credit markets.”
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