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Asia-Pacific Leaders Focus on Trans-Atlantic Danger to Recovery

The annual meeting of 21 leaders in the Asia-Pacific region spent much of the two-day event in Russia’s Far East focused on the other side of the planet, discussing threats to the world economy posed by the European debt crisis and a looming U.S. budget showdown.

Heads of the Asia-Pacific Economic Cooperation Summit in Vladivostok, including Chinese President Hu Jintao and Chilean President Sebastian Pinera, spoke of the dangers the European debt crisis poses to their economies. International Monetary Fund Managing Director Christine Lagarde discussed the so-called U.S. fiscal cliff of tax increases and spending cuts at a lunchtime gathering of the leaders, who collectively oversee 56 percent of world economic output.