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Obama at G20: Europe Has the Capacity to Meet Its Challenges Obama at G20: Europe Has the Capacity to Meet Its Challenges

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WHITE HOUSE

Obama at G20: Europe Has the Capacity to Meet Its Challenges

Obama Reiterates Jobs-Bill Plea in Cannes

Briefing American reporters at the Group of 20 Summit in Cannes, France, on Friday, President Obama restated his confidence in the European Union to work out its economic crisis.

 

Obama said the threat of a Greek referendum on the EU’s proposed bailout package earlier this week “got a lot of people nervous” but the plan European leaders presented is “still the best recipe.” Part of that plan includes the eurozone’s commitment to stand behind the euro as its uniting currency, which Obama said will help calm skittish markets in the short term.  

“Some of this crisis is psychological,” he said, pointing to Italy, which has carried a large debt for years before causing a stir in markets recently.

While claiming confidence in Europe to stabilize its own economy, Obama advised Europe to make structural changes across its complicated network of institutions to find a long-term solution to countries' debt problems.

 

“I got a crash course in European politics in the last several days. There are a lot of meetings here in Europe,” Obama said. “Trying to coordinate all those different interests is laborious; it’s time-consuming.”

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