All the latest economic and financial news, including Greece’s debt negotiations and the second estimate of UK GDPIntroduction: G7 finance ministers in DresdenLarry Summers: Greece needs growth 8.12am BST There’s a lot of talk about Lehman Brothers at the G7 meeting of finance ministers in Dresden, says Bloomberg’s Hans Nichols.And that because those with long memories recall how the US investment bank was allowed to fail in September 2008, triggering the near-meltdown of financial system. Related: US to urge Greece to end brinkmanship with creditors at G7 meeting 8.01am BST Larry Summers, the top US economics professor and former US Treasury secretary, has urged eurozone leaders to compromise with Greece.He argues that Europeans “need to recognise there are limits” to the amount of austerity that can be imposed on the Greek economy.Ultimately, debt problems are resolved by growth, not just by austerity.Both Greece&creditors "have to move" .Debt limits get solved by growth, not just austerity Larry Summers tells @HansNichols #G7 7.53am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.#FTSE100 called flat ahead of UK GDP, EZ Sentiment and US Pending Home Sales, oh and of course another round of Greek 'deal or no deal' Continue reading...
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