Friday, June 8, 2012

Barack Obama: Europe faces tough decisions

European leaders must make difficult decisions to steer the eurozone away from crisis, US President Obama says.

Speaking at the White House, Mr Obama said the US would support Europe as it implemented the hard solutions needed to solve the ongoing debt crisis.

He said a deep new recession in Europe would have an impact on the US economy.

Greece's future in the eurozone was a matter for the Greek people, he said, but "further hardship" must be expected if the country chose to leave the euro.

Outlining a series of "specific steps" Europe needed to take to ensure stability within the eurozone, the president was at pains to say he would not "scold" Europe.

Mr Obama said European leaders needed to stabilise the continent's financial system and inject capital into weak banks "as soon as possible". Read More