"We're still in a very weak fiscal condition in the State of New York," Mr. Megna said.
Rather than shift back to his base with a weak fiscal plan, Obama should have taken his idea of a Grand Bargain to the country.
While they don't have imbalances on the scale afflicting Greece, some states' weak fiscal management has been badly exposed by the downturn.
In desperation, the government of Dilma Rousseff, Lula's successor, artificially controlled the price of oil to combat inflation, caused by weak fiscal policy and the extraordinary costs of subsidised loans to entrepreneurs selected by arbitrary criteria.
The real problem is that India's weak fiscal position constrains its future growth by leaving no room for more public spending on infrastructure, education and health.Leaving the farmThe growth optimists point to India's favourable demography.
At the same time, the shift in liquidity from developed markets to such places as China and India, and the weak fiscal position of the euro-area countries present risks, the report stressed.
