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GLOBAL FISCAL REFORM HANGS IN THE BALANCE

On the map, Washington lies several thousands miles from Davos in Switzerland. Last Friday night, however, the two towns seemed barely a soundbite apart.

As Larry Summers, director of the US National Economic Council, swept into town to represent the Obama administration at Davos, the World Economic Forum arranged the usual high-profile appearance for him in a congress hall.

But instead of delivering a speech – or being interviewed by a local pundit – Mr Summers was grilled by Charlie Rose, the influential American broadcast star, for a US television show.

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