Obama: European debt crisis must not slow growth

Gerald · 06-07-11, 01:13 PM

US President Barack Obama has said the European debt crisis cannot be allowed to threaten the global economy, following White House talks with German Chancellor Angela Merkel.

The leaders that the euro zone troubles "cannot be allowed to put the global economic recovery at risk," he said.

The pair discussed Nato operations in Afghanistan and Libya, the Middle East peace process and economic issues.

Later, Mr Obama was to award Ms Merkel the Presidential Medal of Freedom.

'Peace and prosperity'

Mr Obama has previously said that the problems affecting the eurozone are one of a number of foreign "headwinds" affecting the US economy.

Government debt as a proportion of GDP has soared among eurozone nations in recent years, reaching as high as 142% of gross domestic product in Greece in 2010.

Some affected countries have undertaken austerity measures that some fear will hinder economic growth.

Greece, Ireland and Portugal have received international bailouts, and Moody's this month put Greece's risk of defaulting on its sovereign debt at 50%.

Speaking at a joint White Hosue news conference on Tuesday Mr Obama said Greece's debt was "significant" but said the country was undertaking "difficult steps" to improve its situation.

He said the country must make structural reforms to make its economy more competitive in attracting foreign investment.

And he warned of an "uncontrolled spiral" if the eurozone countries were allowed to default on their debt.

Ms Merkel was welcomed on Tuesday morning at the White House with pomp and ceremony, and the two leaders hailed co-operation between the two nations.

"The transatlantic alliance is the cornerstone - is the heart - of our efforts to promote peace and prosperity around the world," Mr Obama said on Tuesday morning when Ms Merkel arrived, "and Germany - at the heart of Europe - is one of our strongest allies."

http://www.bbc.co.uk/news/world-us-canada-13685707

Note: 7 June 2011 Last updated at 17:02 GMT

kraznyi_oktjabr · 06-07-11, 01:21 PM

Quote:

Originally Posted by Vendor

And he warned of an "uncontrolled spiral" if the eurozone countries were allowed to default on their debt.

Well Mr. Obama... could you please tell alternative? Currently I see two options:
1. Greece (and if necessary Ireland and Portugal) default
2. Other Eurozone countries take more and more loan to fund countries mentioned above AND we default happily together.

Which one is better?

STEED · 06-07-11, 01:28 PM

Quote:

US President Barack Obama has said the European debt crisis cannot be allowed to threaten the global economy

So the debt in America is now under control?

Jimbuna · 06-07-11, 02:22 PM

Quote:

Originally Posted by STEED

So the debt in America is now under control?

About as much as ours is.....God help us both

Oberon · 06-07-11, 02:23 PM

Quote:

Originally Posted by jimbuna

About as much as ours is.....God help us both

krashkart · 06-07-11, 02:47 PM

Quote:

Originally Posted by STEED

So the debt in America is now under control?

Wait... what? Are we off the hook now?

Jimbuna · 06-07-11, 02:55 PM

Quote:

Originally Posted by krashkart

Wait... what? Are we off the hook now?

Best ask the Chinese...they own most of the Dollars now apparently

Betonov · 06-07-11, 03:06 PM

Quote:

Originally Posted by jimbuna

Best ask the Chinese...they own most of the Dollars now apparently

Cue in August, before July even

Rockstar · 06-07-11, 03:19 PM

Quote:

Originally Posted by STEED

So the debt in America is now under control?

Who knows, but someone needs to be blamed. It's a handy tool to divert attention away from the facts. Those Euros man they're always holding America back.

krashkart · 06-07-11, 03:22 PM

Quote:

Originally Posted by jimbuna

Best ask the Chinese...they own most of the Dollars now apparently

According to various sources, they have been collecting on our past dues for quite some time.

The age of the digital leg-breakers.

Betonov · 06-07-11, 03:25 PM

Quote:

Originally Posted by Rockstar

Who knows, but someone needs to be blamed. It's a handy tool to divert attention away from the facts. Those Euros man they're always holding America back.

And those Yenks, they're always holding Europe back

krashkart · 06-07-11, 03:27 PM

Quote:

Originally Posted by Rockstar

Who knows, but someone needs to be blamed. It's a handy tool to divert attention away from the facts. Those Euros man they're always holding America back.

Facts? What are those?

Oberon · 06-07-11, 03:32 PM

Now then, I shall not be having any of these so-called 'facts' in this thread. It's too silly, far too silly!

STEED · 06-07-11, 04:39 PM

Quote:

Originally Posted by jimbuna

About as much as ours is.....God help us both

STEED · 06-07-11, 04:42 PM

Quote:

Originally Posted by krashkart

Wait... what? Are we off the hook now?

Looks it..

Big thanks to Obama the man who tucked it under the carpet and said hey look over there...

Dave here has been doing the same sort of thing.

06-07-11, 01:13 PM	#1
Gerald SUBSIM Newsman Join Date: May 2008 Location: Close to sea Posts: 24,254 Downloads: 553 Uploads: 0	Obama: European debt crisis must not slow growth US President Barack Obama has said the European debt crisis cannot be allowed to threaten the global economy, following White House talks with German Chancellor Angela Merkel. The leaders that the euro zone troubles "cannot be allowed to put the global economic recovery at risk," he said. The pair discussed Nato operations in Afghanistan and Libya, the Middle East peace process and economic issues. Later, Mr Obama was to award Ms Merkel the Presidential Medal of Freedom. 'Peace and prosperity' Mr Obama has previously said that the problems affecting the eurozone are one of a number of foreign "headwinds" affecting the US economy. Government debt as a proportion of GDP has soared among eurozone nations in recent years, reaching as high as 142% of gross domestic product in Greece in 2010. Some affected countries have undertaken austerity measures that some fear will hinder economic growth. Greece, Ireland and Portugal have received international bailouts, and Moody's this month put Greece's risk of defaulting on its sovereign debt at 50%. Speaking at a joint White Hosue news conference on Tuesday Mr Obama said Greece's debt was "significant" but said the country was undertaking "difficult steps" to improve its situation. He said the country must make structural reforms to make its economy more competitive in attracting foreign investment. And he warned of an "uncontrolled spiral" if the eurozone countries were allowed to default on their debt. Ms Merkel was welcomed on Tuesday morning at the White House with pomp and ceremony, and the two leaders hailed co-operation between the two nations. "The transatlantic alliance is the cornerstone - is the heart - of our efforts to promote peace and prosperity around the world," Mr Obama said on Tuesday morning when Ms Merkel arrived, "and Germany - at the heart of Europe - is one of our strongest allies." http://www.bbc.co.uk/news/world-us-canada-13685707 Note: 7 June 2011 Last updated at 17:02 GMT __________________ Nothing in life is to be feard,it is only to be understood. Marie Curie

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06-07-11, 03:32 PM	#13
Oberon Lucky Jack Join Date: Jul 2002 Posts: 25,976 Downloads: 61 Uploads: 20	Now then, I shall not be having any of these so-called 'facts' in this thread. It's too silly, far too silly!