US deficit ‘accident waiting to happen,’ says IIF head

The rise in US public debt is a serious threat to the whole world if Washington fails to rein it in, the head of the Institute of International Finance warned Saturday.

“You look at the US budget deficit, and you cannot help but feel that this is a serious accident waiting to happen. And not just a serious US accident, but a serious global accident,” IIF chief Charles Dallara told a conference on the sidelines of a G20 meeting of finance ministers and central bankers.

BRICs to mull plans for multilateral bank at G20

Officials from top emerging market countries will discuss plans to set up a multilateral bank to fund projects in developing nations during upcoming Group of 20 meetings, a senior Brazilian government official said on Thursday.