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Obama Warns Europe Against A Debt Crash:

  

Obama Warns Europe Against A Debt Crash

Obama Warns Europe Against A Debt Crash. Clear words from U.S. President: Barack Obama asked his European colleagues to greater efforts in the fight against the misery of debt – the consequences could also meet America. In his own crisis management is a mistake, admitted Obama.

Obama Warns Europe Against A Debt Crash

President Barack Obama is reflected deep concern about possible global consequences of the euro crisis – and calls for more use in the fight against the risk of the debt of the countries of the eurozone. “As long as this crisis is not resolved, the world economy will weaken further.” Obama warned in an interview with several news agencies, including with the DPA and AFP.

Washington was in the efforts of the EU for a solution to the crisis in the euro zone “closely involved”, but ultimately it is the large countries in Europe, to find a common solution, the President said. In the past weeks were been criticised repeatedly Chancellor Angela Merkel and French of President Nicolas Sarkozy, not decided to use enough for a solution.

Greece is the biggest problem currently obviously. They take steps, although to alleviate the crisis – but not to solve it“, further criticized Obama. But other countries ensure the U.S. President: “What happens in Spain and Italy, if the markets continue to bent on these two big countries in Europe?” The crisis will be a major issue at the next meeting of the 20 of largest industrial and emerging in November in France.

Enormous influence on America
In particular, the consequences for the domestic economy deal with the President, the situation in Europe will have no doubt also consequences for the US economy. “We live today in an integrated world economy. What is happening outside of the Atlantic or the Pacific, has enormous influence on America, across our continent, not only on the United States,” he said. Therefore, his Government try to solve the crisis “intensively together with the Europeans“.

Live, he commented on the fundamental issue behind the euro crisis: “Europe has a United currency currently though, but it has no common economic policy. And this creates big problems.” He called on Europeans to decisive battle. “But if so many countries with different policies and different economic situation trying to agree on a way, a vote is difficult.

Next Friday, Treasury Secretary Timothy Geithner taking part surprisingly at the meeting of EU Finance Ministers in the Polish Wrocław, to discuss with his colleagues on measures for the recovery of the world economy. Geithner also called the countries of the eurozone for more efforts against the debt crisis such as Obama. “Europe must take stronger measures to create confidence, that it can overcome its crisis and wants too“, he wrote in an article published last Thursday for the Financial Times.

Obama admits error
In dealing with the economic crisis in their own country, the President conceded problems early in his term. “We have of course made mistakes. If you are with a so historical crisis to do have, as we had it, not everything can be perfect.” He had chosen certainly different in some respects, if he would have has knowledge that he has today. But he is not unhappy with his previous term: “When I look at the past three years, then I believe that we have a very, very difficult situation.

Mainly due to continued economic slowdown in the United States, he considers the governance for tedious work: “It is always easy when everything grows and there is a boom and people feel good. If you are then charming and keep a good speech, perhaps is all you’ll need.” he said. But in stages such as the current also frustration and anger make spreading among voters. Obama had recently announced a further economic recovery plan to create new jobs in the United States. A new controversy over tax increases could be in store for this reason now Congress, especially since the President is planning to finance – a step, which the Republicans have already clearly rejected the program may be in part with higher taxes for wealthy.

The Republican President of the US House of representatives, John Boehner, who initially behave, but not opposed to Obama’s US$447 billion heavy package ruled had criticized the proposal of the President. This had been made not in the spirit of cross-party cooperation.



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