Arab Today, arab today obama urges europe to stabilize banks ease austerity
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

Obama urges Europe to stabilize banks, ease austerity

Arab Today, arab today

Arab Today, arab today Obama urges Europe to stabilize banks, ease austerity

Washington - AFP

US President Barack Obama urged European leaders to stabilize banks and to ease up on extreme austerity prgrammes. Speaking as European Union officials worked over the weekend on a huge rescue plan for Spain\'s feeble banks, Obama said the ongoing weakness in the eurozone was a concern for the US economy\'s own health. But he was confident EU leaders appreciated the severity of a crisis that weighs heavily on his prospects of reelection in November. \"The leaders understand the seriousness of the situation and the urgent need to act,\" Obama told a press conference at the White House. \"The decisions required are tough but Europe has the capacity to make them. \"And the sooner that they act and the more decisive and concrete their actions, the sooner people and markets will regain some confidence and the cheaper the costs of clean-up will be down the road.\" Diplomatic sources told AFP that senior finance ministry officials from eurozone nations may hold weekend talks to prepare the nuts and bolts of a Spanish bailout should Madrid request help. According to media reports, the International Monetary Fund has estimated the banks need some 40 billion euros ($50 billion) to stabilize, as markets increasingly cut Spain off from external private funding. Obama said the steps needed to prevent further erosion of the situation were already known -- including quick action to stabilize Europe\'s banks. \"In the short term, they have got to stabilize their financial system. Part of that is taking clear action as soon as possible to inject capital into weak banks,\" he said. \"Just as important, leaders can lay out a framework and a vision for a stronger eurozone, including deeper collaboration on budgets and banking policy. Obama meanwhile exhorted Europe to lighten up on extreme austerity programs -- the approach to the crisis pushed by Germany -- and give the troubled economies room to grow and generate jobs. \"Countries like Spain and Italy, for example, have embarked on some smart structural reforms that everybody thinks is necessary,\" he said. \"But they have got to have the time and space for those steps to succeed. \"And if they are just cutting and cutting and cutting, and their unemployment rate is going up and up and up, and people are pulling back further from spending money because they are feeling a lot of pressure, ironically that can actually make it harder for them to carry out some of these reforms.\" He said that Europe\'s leaders were discussing a more flexible approach \"to allow some of these reforms to really take root.\" Obama\'s comments fed into the election battle heating up, with his Republican rivals blasting him for blaming Europe for his own failings on the US economy. \"Frankly, I\'d ask the president to stop engaging in the blame game,\" said House of Representatives Majority Leader Eric Cantor. \"It\'s not because of the headwinds of Europe. It\'s not... because of House Republicans\" that the economy is in a slump. \"It\'s because of the failed stimulus policies and other items in his agenda that small businesses in this country just aren\'t growing.\" Just nine days before Greeks go to the polls for the second time in six weeks to vote on a new government, Obama urged them to take a path that will keep them inside the eurozone. \"It\'s in everybody\'s interest for Greece to remain in the eurozone while respecting its commitments to reform,\" he said. \"We recognize the sacrifices that the Greek people have made.\" \"But the Greek people also need to recognize that their hardships will likely be worse if they choose to exit from the eurozone.\" Greece\'s voters remain deeply split over the issue. Polls show nearly equal support for the leftist Syriza Party, which wants to tear up the EU-International Monetary Fund rescue program -- a move that could force a euro exit -- and the moderate New Democracy Party which is more committed to the EU-IMF austerity plan and the common currency.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama urges europe to stabilize banks ease austerity Arab Today, arab today obama urges europe to stabilize banks ease austerity

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama urges europe to stabilize banks ease austerity Arab Today, arab today obama urges europe to stabilize banks ease austerity

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday