High deficits the top crisis priority: Schaeuble

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German Finance Minister Wolfgang Schaeuble said Friday that countries' top priorities should be tackling high deficits instead of pumping more stimulus into their weak economies amid a debt crisis.

"It's more important to combat the real causes for the crisis... high deficits," Schaeuble said at a news briefing as the world's finance chiefs were in Washington to attend International Monetary Fund and World Bank annual meetings.

"It's very clear that you cannot combat the crisis by amplifying the causes," he added.

Germany, the eurozone's most powerful economy, and European Union policymakers have opposed a US-backed approach of stimulate measures to shore up growth in the short term, amid a sharp global slowdown due to the eurozone's debt crisis.

© 2011 AFP

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