World leaders will meet Sunday to discuss the implications of Friday's US debt downgrade. The discussions will also discuss the debt crises in Europe, and what can be done to alleviate further losses. Several conference calls have already been held, and China on Saturday chided America for its dependence on debt. “The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” a statement attributed to government officials quoted in China's government-controlled news agency said.
However, officials said that China, the largest holder of US debt, was unlikely to start selling its holdings. A Japanese official said that his government did not have any fears that US bonds would not be repaid. Japan is the second largest holder of US debt.