CNBC
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.
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Wild Thing’s comment……
This is absurd! Another Big Fat Greek Baiilout.
Obama working overtime to bankrupt America.
ALL financial matters in the US must originate in the US House of Representatives, not the White House.
We can’t even bail ourselves out! Absolutely NO to money for Greece or anyone else. Why should we BORROW money to lend out?
How about telling Obama, when he is voted out of office, That he will not receive any security or pension because he spent all our money on other countries and companies.
You think he’ll borrow the money from the Chinese to give to the Greeks?
And where is this money ‘spose’ to come from? He’s spending faster than the Fed can print it. He’s escalating the war in Lybia, and now Yemen, pretty soon we’ll be a war with everyone in the middle east. With no allies to speak of because this half-wit pissed them all off.
I met a former East German Mig pilot in Myrtle Beach. I told him I was at SPangdahlem Air base in 1981 (F-4 Phantom mission support). We both agreed the Berlin Wall should never have come down for at that time the two of us wore UNIFORMS and we knew at that time whom one another was, and whom the ENEMY was! NOW the enemy doesn’t wear a uniform, eh?
The Congressional Research Service released a report last month, a copy of which Fox News exclusively obtained, showing that in fiscal year 2010, the latest year that data was available, the U.S. handed out a total of $1.4 billion to 16 foreign countries that held at least $10 billion in Treasury securities, including China ($27.2 million), Brazil ($25 million), Russia ($71.5 million), India ($126.6 million), Mexico ($316.7 million) and Egypt ($255.7 million).
Thanks everyone.
Bob, I wonder that too, where he is borrowing the money from. It very well might be China.
“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,”
The only result of Germany’s leadership thus far has been the imbalanced system which forces the poorer countries of Europe to pour their money into rescue packages while pretending that this is the best possible solution of the Greek crisis.