But only when debtor countries take real deficit reduction measures and creditor nations boost domestic consumption will momentum start to tilt the global economy back to level.
The debt crisis that has divided the eurozone into debtor and creditor nations has also seen the emergence of the unelected technocrat with very dangerous consequences, he said.
A heavily indebted country loses its sovereignty and independence in international fora, as it becomes a puppet at the apron strings of the creditor nations.