Economy
See other Economy Articles
Title: Obama wants to bailout Greece, says they're why U.S. economy sucks
Source:
CNBC
URL Source: http://www.cnbc.com/id/43321461
Published: Jun 8, 2011
Author: By: Reuters
Post Date: 2011-06-08 08:01:36 by Happy Quanzaa
Keywords: Obama-doma-ding-dong, Obamatuer Hour, Obamanomics in Action
Views: 5237
Comments: 11
President Barack Obama on Tuesday urged European countries and bondholders to prevent a "disastrous" default by Greece and pledged U.S. support to help tackle the country's debt crisis. Obama, whose political prospects have suffered from persistently high unemployment and ballooning U.S. debt, has pinpointed the euro zone crisis as one foreign "headwind" hitting the U.S. economy. After a meeting with German Chancellor Angela Merkel, he stressed the importance of German "leadership" on the issue - a hint that he expects Berlin to help - while expressing sympathy for the political difficulties European Union countries face in helping a struggling member state. "I'm confident that Germany's leadership, along with other key actors in Europe, will help us arrive at a path for Greece to return to growth, for this debt to become more manageable," Obama said. "But it's going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF." A proposal for a second Greek bailout package worth 80 billion to 100 billion euros over three years was taking shape, euro zone sources said. Merkel, under political pressure at home to avoid being the financial savior for other struggling European countries, said Germany understood its role. "We've seen that the stability of the euro as a whole will also be influenced if one country is in trouble," she said. "So we do see clearly our European responsibility and we're shouldering that responsibility, together with the IMF." With U.S. unemployment at 9.1 percent, Obama has blamed outside forces for impeding the economy, including high fuel prices, the earthquake in Japan and the euro zone crisis. "America's economic growth depends on a sensible resolution of this issue," he said. "It would be disastrous for us to see an uncontrolled spiral and default in Europe because that could trigger a whole range of other events." Reforms, Foreign Policy Obama said Greece had to make structural reforms and instill greater transparency in its economy. But his main message was aimed at EU countries - and, by default, wealthy Germany - to step up to help Athens. "Other countries in the euro zone are going to have to provide them a backstop and support," he said. "And frankly, people who are holding Greek debt are going to have to make some decisions, working with the European countries in the euro zone, about how that debt is managed." The euro debt problems dominated discussions between Merkel and Obama, who also touched on foreign policy issues such as the wars in Afghanistan and Libya. Obama welcomed Merkel at a formal ceremony on the White House lawn with firing cannons and military musicians adding to the pomp of an official visit. Later in the evening Obama and his wife Michelle hosted Merkel and her husband, Joachim Sauer, for a state dinner, where the president awarded her the "Medal of Freedom" - the highest U.S. civilian honor. Obama noted the event, held open-air in the Rose Garden to take advantage of a warm Washington evening, was the first such state dinner of his presidency for a European leader. "Tonight we honor Angela Merkel, not for being denied her freedom, or even for obtaining her freedom, but for what she achieved when she gained her freedom," Obama said. In public the two leaders referred to each other by their first names and joked about looking different from their predecessors. Obama is the first black U.S. president and Merkel is the first female chancellor of Germany. Their show of partnership did not mask differences between them - and Libya has been one of those issues in the past. The United States cautiously endorsed military action in Libya while Germany confounded its NATO partners by refusing to take part. Obama said he would expect Germany to help once Libyan leader Muammar Gaddafi was gone and recovery work was needed in the North African country. He thanked Merkel for Germany's stepped-up support in Afghanistan, which he said had freed up other NATO members to be active in Libya. Merkel, meanwhile, advocated for French Finance Minister Christine Lagarde to take over the top job at the International Monetary Fund, according to a German delegation source. The United States has stayed publicly neutral in the race for that post, saying it wants the best candidate to win.
Obama Presses Europe, Pledges Help for Greek Crisis
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Happy Quanzaa (#0)
(Edited)
I hate to tell all of you underinformed ditto sphinters this but the Us has been engaged in this through the IMF since the crisis began. Maybe you should focus less on cock, Quay.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The arrogance of this POTUS is truly staggering.
Proxy IP's are amusing.....lmao
Translated: "What an uppity 'nigger'"...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" You said it, not Badeye. What a little racist liberal.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Thanks Jiminy...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Hmmmm... Nothing like going straight to the disinformation/misdirection mode, eh DwarF? You're nothing if not utterly predictable. DO try to stay (intelligently) on topic- I know it's hard for someone of diminished mental capacity such as yourself, but give it your best effort... Happy, this is a result of the bankster-class panicking that the Euro is going to collapse. They're throwing *everything* at this problem, because failure means their plans for one global currency will be dramatically injured- perhaps fatally. By coercing the American taxpayer into "bailing out" Greece, they postpone the inevitable collapse of the Euro, and at the same time, they bring low America's "Joe Six-Pack." Two birds, one stone... And since they hate Americans in general, this is signicant bonus, eroding American independance even further. Of course, *nothing* will stop the Euro collapse. WHY? Because after Greece, there's Spain, Italy, Ireland and Portugal. Also coming, IMO, is Romania, though few financial analysts think we'll make it to them, before the Euro is dead and buried.
List of those unable to think: Bumper sticker on DwarF's car: The question of his attitudes is moot. For some reason he wants NO real discussion of this subject. He's working hard to derail/distract...
List of those unable to think: Bumper sticker on DwarF's car: Of course, nothing you splathered on about in your post contradicts my observation that the US, through the IMF, has been actively engaged in helping Greece. The US has already puts up 18% of the money that the IMF uses. But when you consider that the IMF has two pools..one lendable one not...and the US contribution goes predominantly to the lendable pool, the % tnat the US has provided to Greece through the IMF is actually much higher. But I am really surprised at you, Erica. How many mor times do I have to kick your ignorant yet verbose and pedantic ass over this website before you stop questioning me?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" The topic is the US helping Greece...this was Badeye's post: #2. To: Happy Quanzaa (#0) The arrogance of this POTUS is truly staggering. Badeye posted on 2011-06-08 10:12:51 ET Reply Trace Private Reply It was topical exactly how?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Your points are correct. Ultimately meaningless, but correct. Since I regularly call you out on your lies, disinformation tactics and general stupidity, your claims of victory ring hollow. But hey, keep dreaming, dummy. And the bitch-slapping I gave you, is for going back to your disinformation tactics, instead of staying ON TOPIC. The topic is: ob@m@ wants to bail out Greece. DO try to keep up.
List of those unable to think: Bumper sticker on DwarF's car: And the fact is, the US already is and has been pro-active in doing so for 16 months now. So, if the "topic" is that Obama wants the Us to do something that it is not already doing, then the premise of the topic is FALSE. Your points are correct. Ultimately meaningless, but correct. I know...stuff it...and thanks again... This is an arti9cle that preys on peoples' ignorance...very few are aware of leyt alone understand what happened 14 years ago in the EU which has since turned into what is now happening in the EU. This state dinner had the German Chancellor as the guest of honor. Germany has had to bear mopst of the burden of EU fiscal collapse the lead headline this week is Greece but has also, in the past, been Ireland and Spain. Obama's speech was simplhy one "friend" re=assuring another "friend" that Germany is not going it alone and that given the extensive economic ties between the US and the EU, it's first and foremost in America's best interest to have EU stability let alone the global community.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!"
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#2. To: Happy Quanzaa (#0)
#3. To: Badeye (#2)
The arrogance of this POTUS is truly staggering.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#4. To: war (#3)
#5. To: Rudgear (#4)
You said it, not Badeye. What a little racist liberal.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#6. To: war, Happy Quanza (#1)
To: Happy QuanzaaI hate to tell all of you underinformed ditto sphinters this but the Us has been engaged in this through the IMF since the crisis began. Maybe you should focus less on cock, Quay.
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#7. To: Rudgear (#4)
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#8. To: Capitalist Eric (#6)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#9. To: Capitalist Eric (#7)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#10. To: war, Happy Quanzaa (#8)
Of course, nothing you splathered on about in your post contradicts my observation that the US, through the IMF, has been actively engaged in helping Greece. The US has already puts up 18% of the money that the IMF uses. But when you consider that the IMF has two pools..one lendable one not...and the US contribution goes predominantly to the lendable pool, the % tnat the US has provided to Greece through the IMF is actually much higher.
But I am really surprised at you, Erica. How many mor times do I have to kick your ignorant yet verbose and pedantic ass over this website before you stop questioning me?
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#11. To: Capitalist Eric (#10)
The topic is: ob@m@ wants to bail out Greece.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]