Posted on 02/14/2015 10:18:19 AM PST by Steelfish
White House Warns Europe On Greek Showdown Washington blames Europe for the lack of global recovery and is losing its patience with EMU creditor states that fail to pull their weight
By Ambrose Evans-Pritchard 13 Feb 2015
The Obama administration has leapt to the defence of Greece, warning Germany and Europe’s creditor powers that they must meet Athens half-way to avert a potentially dangerous rupture and a euro break-up. Caroline Atkinson, the US deputy-national security adviser, said the eurozone authorities had imposed the main burden of adjustment on the weaker deficit states and should do more to accept their share of responsibility for the euro crisis. “They have asymmetric rules. They need to make it socially fairer,” she said.
“It is important for creditors to take into account that Greece has had a very sharp drop in incomes, real wages, and output as well as a big rise in unemployment,” she told a gathering at Chatham House in London. “Greece has moved into primary surplus. How much more fiscal consolidation is necessary?” she said. The comment will be music to the ears of Greek finance minister Yanis Varoufakis, who wants a cut in the EU-IMF Troika target for the primary surplus to 1.5pc of GDP from 3pc this year and 4.5pc next year.
(Excerpt) Read more at telegraph.co.uk ...
Another empty bunch of words from our wind-up toy President, Barry Obonzo I. It really tries ones’ patience listening to his nonsensical and irrelevant blather. Barry IS an empty suit.
Germans were pleased Bush was replaced by Obama... Screw them
Caroline Atkinson, the US deputy-national security adviser, said the eurozone authorities had imposed the main burden of adjustment on the weaker deficit states and should do more to accept their share of responsibility for the euro crisis. "They have asymmetric rules. They need to make it socially fairer," she said.In fact, they really need to pay reparations!!! /s IOW, what is her FR nick?
Lew perhaps. Not enough trafficking in “insurance-banking” human body mortgages yet, to offset the the fraud bonds.
LOL...
So, Germany and some other EU nations have growing economies with some productivity at least and relatively balanced financials, while Greece (and other PIIGS) have horrible balance sheets, and no growth or productivity due to their highly socialist lifestyles. The Obama administration thinks the solution is to shaft those who have been more productive?
:’) And somehow it comes as no surprise. ;’)
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