US President Obama has given the Europeans a harsh lecture on the dangers of their ongoing debt crisis. Offended by the unsolicited advice, Europeans have suggested the US get its own house in order first. Obama's remarks were "arrogant" and "absurd" German commentators say on Wednesday.
Europeans are well aware of the seriousness of their ongoing debt crisis. But they don't, it seems, like to receive lectures from other countries -- especially the United States, which is struggling to deal with its own mountain of debt.
On Tuesday, German Finance Minister Wolfgang Schäuble curtly rejected recent American criticism of Europe's approach to solving its debt crisis. "I don't think Europe's problems are America's only problems," said Schäuble. "It's always easier to give other people advice."
At an event in California on Monday, Obama warned Europeans that their inaction was "scaring the world." The Europeans, he said, "have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced. It's now being compounded by what's happening in Greece." He continued: "They're going through a financial crisis that is scaring the world, and they're trying to take responsible actions, but those actions haven't been quite as quick as they need to be."
Wednesday, September 28, 2011
You bet, Obama's really making the world "love us".
Posted by traderrob at 5:45 AM