Obama: Euro Zone Crisis Scaring the World

President Obama claims Europe's financial and fiscal problems had contributed to a slowdown in the economic recovery of the United States. Photo by EPA/BGNES

US President Barack Obama has said the sovereign debt crisis in Europe is "scaring the world" and criticized European leaders for not dealing with the issue as quickly as needed.

"They have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced. It is now being compounded with what is happening in Greece," Obama said at a 'town hall' public meeting in Mountain View, California.

"So they are going through a financial crisis that is scaring the world and they are trying to take responsible actions but those actions haven't been quite as quick as they need to be."

Europe's financial and fiscal problems had contributed to a slowdown in the economic recovery of the United States, he said.

Obama spoke out after Berlin shot down moves to boost debt rescue funding, bursting renewed optimism on markets amid global pressure for the euro zone to stave-off recession.

Germany is continental Europe's de facto paymaster, expected to provide the lion's share of any increased loans, but German Chancellor Angela Merkel is facing increasing discontent inside her own party.

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