Friday, November 4, 2011

obama in cannes at g20

CANNES, France—President Barack Obama traveled overseas this week to try to cajole European leaders to resolve a debt crisis that could weaken the U.S. economy.
After two days of Group of 20 meetings where his role was peripheral, he left largely empty-handed.

The leader of the world's largest economy went into the meetings saying he wanted details of how European leaders will implement their emergency debt deal. In the end, Mr. Obama returned to Washington with many questions about the plan unanswered and as markets remained uncertain about whether the euro zone debt crisis will be contained.

"I know it isn't easy, but what is absolutely critical—and what the world looks for in moments such as this—is action," said Mr. Obama at a news conference at the end of the meeting. He maintained that European nations needed to send a "strong signal" to markets that they would preserve their currency.
Mr. Obama suggested Friday that the situation in Europe could get worse before it gets better. If Greece descends into further chaos and European leaders still haven't executed a broader plan for containing the damage, the president could be campaigning for re-election amid a spreading global financial crisis sparked by Greece, an economy about 1/50th the size of the U.S.

Source: Read the article Wall Street Journal Europe



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rather be in paris