Europe's problems are not cause of US woes: Germany

27th September 2011, Comments 0 comments

Europe's current debt problems are not causing the United States' economic woes, even if US President Barack Obama thinks so, German Finance Minister Wolfgang Schaeuble said Tuesday.

"Even if Obama is thinking the opposite, I don't think the problems of Europe are the reason for the problems of the US," Schaeuble said.

The minister's comments come as a sharp riposte to Obama who said Monday that Europe's failure to tackle crippling Greek debt was "scaring the world."

Europe "never fully dealt with all the challenges that their banking system faced," Obama said.

"It's now being compounded with what's happening in Greece," the US president said. "So they're going through a financial crisis that is scaring the world."

Schaeuble, in a speech in English, to the European School of Management and Technology in Berlin, shot back: "It's always much more easier to give advice to others than to decide for yourself. I am well prepared to give advice to US government. US is a huge continent, totally different."

© 2011 AFP

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