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Europe paying price of US econ crisis
Iran's President Mahmoud Ahmadinejad says European countries are paying a high price for Washington's lamentable state of affairs. "The economic crisis gripping European markets and financial institutions is a heavy price to pay for Washington's politically-driven moves," said President Ahmadinejad on Sunday. "Over the past 60 years, Europe has born the burden of Washington's failed policies and financial recklessness," he added. The Iranian President said that European countries should not allow their financial institutions to be devised, led and co-coordinated by the US Government. Washington's financial meltdown has entered the worst phase since the Great Depression in 1920s, taking down global financial institutions and triggering a series of bankruptcies, forced mergers and radical government interventions such as an unprecedented USD 700-billion financial bailout plan. European politicians and economists have criticized Washington's dithering incompetence in handling the financial turmoil. "This problem started in America with irresponsible actions and lending by some institutions. The global financial market has ceased to function," said British Prime Minister Gordon Brown on October 8. "The turmoil that we are facing has originated in the United States. It has become a global problem. The United States has a special responsibility in this situation," EU Commission spokesman Johannes Laitenberger said on October 1. "More than anything, the finance market is an American problem, The US is the source of the crisis and it is the focus of the crisis," said German Finance Minister Peer Steinbruck on September 26. Posted by: Fred 2008-10-20 |
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