US President Barack Obama is at the G20 summit encourage the eurozone to find a solution to its debt problem, which could send America’s weakened economy into another recession.
Bearing in mind his own domestic situation, Obama, praised the efforts being made to resolve the situation.
“The most important aspect of our task over the next two days is to resolved the financial crisis here in Europe. President Sarkozy has shown extraordinary leadership on this issue. I agree with ghim that the EU has made some important steps towards a comprehensive solution,” he said at a press conference with Nicolas Sarkozy.
The European Central Bank does not have the same power to intervene in the debt crisis as America’s Federal Reserve, and German Chancellor Angela Merkel wants it to stay that way.
At the summit in Cannes, Obama met with Merkel separately, to discuss the possibility of the ECB beefing up the European Financial Stability Facility – known as EFSF, but he was told this would not happen.