Obama urges EU to act over debt crisis
Source: Agencies |
June 9, 2012, Saturday
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Print Edition
Print Edition
US President Barack Obama urged European leaders to prevent a looming overseas debt crisis from dragging down the rest of the world.
He said European must inject money into the banking system. "The solutions to these problems are hard, but there are solutions," Obama said.
The president spoke after several days of difficult turns for his re-election prospects, including last Friday's report that the unemployment rate had risen slightly to 8.2 percent in May as job creation had slowed, and new signs that the European debt crisis was hurting the US economy.
Market attention is focused on Spain whose banks need billions of euros in bailout funds and where unemployment is at a eurozone high of 24 percent and the economy is stretched to the breaking point.
In his brief White House news conference, Obama also mentioned Greece where elections are taking place on June 17 that could determine whether Athens leaves the eurozone.
He cautioned Greece that withdrawing from the eurozone would mean even greater economic difficulty than austerity steps already undertaken.
As for leaks of classified information, Obama said his administration has "zero tolerance" for it. Lawmakers are investigating leaks on covert use of drones and cyber weapons.
Republican Senator John McCain accused the White House of leaking the information to bolster the president's standing.
He said European must inject money into the banking system. "The solutions to these problems are hard, but there are solutions," Obama said.
The president spoke after several days of difficult turns for his re-election prospects, including last Friday's report that the unemployment rate had risen slightly to 8.2 percent in May as job creation had slowed, and new signs that the European debt crisis was hurting the US economy.
Market attention is focused on Spain whose banks need billions of euros in bailout funds and where unemployment is at a eurozone high of 24 percent and the economy is stretched to the breaking point.
In his brief White House news conference, Obama also mentioned Greece where elections are taking place on June 17 that could determine whether Athens leaves the eurozone.
He cautioned Greece that withdrawing from the eurozone would mean even greater economic difficulty than austerity steps already undertaken.
As for leaks of classified information, Obama said his administration has "zero tolerance" for it. Lawmakers are investigating leaks on covert use of drones and cyber weapons.
Republican Senator John McCain accused the White House of leaking the information to bolster the president's standing.
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