Former US treasury secretaries Henry M. Paulson, Jr. and Robert E. Rubin, who each fended off financial calamities over the past two decades, warned Tuesday that urgent political action is needed on both sides of the Atlantic to prevent a new global meltdown. “We have a cliff coming,” said Rubin. “The idea is to avoid the cliff.” Said Paulson: “Under the best of circumstances, this will drag on for a long time, and there will be a lot of strains.”
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