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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Finance minister of Germany wants “grown-up” debt ceiling decision.

German Finance Minister and Free Democratic Party (FDP) leader Christian Lindner speaks during the t... German Finance Minister and Free Democratic Party (FDP) leader Christian Lindner speaks during the traditional Ash Wednesday meeting in Dingolfing, Germany, February 22, 2023. REUTERS/Lukas Barth
German Finance Minister and Free Democratic Party (FDP) leader Christian Lindner speaks during the t... German Finance Minister and Free Democratic Party (FDP) leader Christian Lindner speaks during the traditional Ash Wednesday meeting in Dingolfing, Germany, February 22, 2023. REUTERS/Lukas Barth

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On Friday, German Finance Minister Christian Lindner hoped US politicians would make a “grown-up” choice to raise the federal debt ceiling, warning that failure would threaten the world economy.

On the sidelines of the G7 summit in Japan, Lindner termed the global economy “fragile” and hoped parties would not be mislead by short-termism or partisanship.

Lindner’s remarks raise concerns as President Joe Biden and lawmakers in Washington postponed a Friday meeting. Raising the debt ceiling prevents default.

The German finance minister said politics jeopardized global economic and financial market stability.

“That’s why we’re looking at the United States in particular these days and hoping an adult decision will be made with regard to the development of American government finances and the associated effects on the global economy,” he said.

Later, Lindner defined “grown-up” as a smart judgment without party politics or short-term ambitions.

In Japan, G7 finance executives are debating how far to oppose China, support Ukraine, and sanction Russia.

Lindner and Bundesbank president Joachim Nagel told reporters that the European Central Bank would raise interest rates due to high inflation.


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