Saudi Arabia's finance minister has called on the world's leading economies to cut their debt-to-GDP ratios and warned that the European debt crisis poses a huge threat to global economic growth. "The lack of discipline in several countries led to the buildup of unsustainable external imbalances before the financial crisis," Ibrahim al-Assaf told a conference in Riyadh earlier this week. "Now we are at a critical stage. I don't want to say it's too late, but already the size of debt, the budget deficits are there."
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