Obama Increases Pressure On Europe To Fix The Euro Crisis
PARIS – the president of the United States, Barack Obama, is turning up the heat on European officials to fix the euro crisis. He is currently in talks with the leaders of Italy, Germany and France to assist them with laying the groundwork for action prior to a session of summit meetings, which will be held in Mexico June 18 and 19.
President Obama spoke with the European leaders about recent developments via video conference calls on Wednesday. He was following-up on conversations he had during recent discussions at the Group of 8 meeting held at Camp David with Germany’s chancellor, Angela Merkel; Frances’ president; François Hollande, and Italy’s Prime Minister; Mario Monti.
The White House issued a statement saying that the leaders have agreed to consult closely in preparation for the G-20 summit next month.
The summit discussions will begin one day after a Greek election, which is considered to be a de facto referendum on Greece’s euro membership.
Hervé Goulletquer, the leader of fixed-income market research at Crédit Agricole, said that America has doubts about its own growth pace, and sees China as slowing, while Europe is facing a recession. Consequently, if the crisis gets worse in Europe, it will slow down growth in the United States, which will be a big issue, not only for Obama as a candidate, but for the country as well.
Mr. Goulletquer also said that Washington is pushing for more action in Europe to solve the euro crisis, but he thinks that everyone in Europe is also aware that something has to change.
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