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Over the next few weeks northern hemisphere leaders will be shuttering their summer houses, closing up their dachas, leaving the onsen and getting ready to face what’s set to be a budget-slashing end of year for parliaments of every political persuasion. Will the presidents and prime minister be forced to go to the polls – or even to the barricades – if the cuts cause too much pain? Are, they may wonder, any jobs going at the World Bank or United Nations?

In Beijing, Brasilia and New Delhi the picture will look far rosier from the sunlounger –…

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