Friday, October 28, 2011

Obama urges Europeans to erect a "firewall" to contain the crisis

barack obama
Barack Obama
AFP - U.S. President Barack Obama urges Europeans to implement their plan against the crisis of debt and to erect a "firewall" to prevent its contagion, in an article published in the Financial Times on Friday. "It is important to us all that this strategy is implemented successfully - including building a firewall that prevents credible crisis expanding, strengthening of European banks, the outline of a viable path for Greece and the resolution of structural problems in the heart of the current crisis, "Obama wrote in the British financial daily. The euro area has come to buckle pain Thursday morning at an anti-crisis plan intended to ensure its survival.
An agreement was reached with the banks covering a waiver of 50% of their claims, or 100 billion euros. In return for the effort required for the banking sector, an agreement was reached to recapitalize institutions in need.

In addition, European leaders have decided to leverage the power of their fire relief fund for countries in financial difficulty in bringing it to 1,000 billion euros in the first place. This envelope should prevent the debt crisis earns Italy and Spain. China is considering investing in this fund, although it warned earlier Friday she was waiting for clarification. Without explicitly naming the country, Obama is claiming in the forum "greater flexibility in exchange rates, including exchange rates that are based on the market." The United States regularly accuse China of manipulating its currency to boost exports.

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