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Eurozone must take 'decisive' measures, Obama says

31 july 2012, 16:20
US President Barack Obama said Monday that the eurozone is not buckling under the weight of the debt crisis, but that "decisive steps" have yet to be taken, AFP reports.

Speaking at an event for campaign donors, the Democratic incumbent in the November 6 presidential election noted that the US economy is still unsteady, and warned of "some continued headwinds over the next several months."

"Europe is still a challenge, and a lot of people in this room who have business in Europe understand that," he said to some sixty people, including Wall Street CEOs.

"I don't think ultimately that the Europeans will let the euro unravel. But they're going to have to take some decisive steps. And I'm spending an enormous amount of time trying to work with them -- and Tim Geithner is spending a lot of time working with them -- to recognize that the sooner they take some decisive action, the better off we're going to be," Obama added, referring to the US treasury secretary.

Obama spoke of the US's own "decisive action," referring to the $800 billion stimulus package his administration pushed for in 2009.

"Despite it's unpopularity, (the plan) avoided this chronic bleeding wound that has been an enormous problem not just for Europe now, but for the entire global economy," he said.

Obama's campaign for reelection suffers in the the polls from voters' attitudes on the wavering economy. Unemployment is at 8.2 percent, still three percent higher than before the 2008 crisis, and the White House does not expect the rate to dip below 7.9 percent before the end of the year.

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