Now Obama wants us to bail out Greece.
Protesters from a communist-backed union protest near the Greek Parliament seen in the background during an anti-austerity protest in Athens, that several thousands people took part in on Friday, June 3, 2011. Greece is poised to receive the next installment of its bailout facility, and will likely get further rescue loans to prevent it from defaulting on its massive debts, European officials said Friday. The banner reads ‘general strike.’ (AP/Petros Giannakouris)
President Barack Obama on Tuesday urged European countries and bondholders to prevent a “disastrous” default by Greece and pledged U.S. support to help tackle the country’s debt crisis.
Obama, whose political prospects have suffered from persistently high unemployment and ballooning U.S. debt, has pinpointed the euro zone crisis as one foreign “headwind” hitting the U.S. economy.
After a meeting with German Chancellor Angela Merkel, he stressed the importance of German “leadership” on the issue – a hint that he expects Berlin to help – while expressing sympathy for the political difficulties European Union countries face in helping a struggling member state.
“I’m confident that Germany’s leadership, along with other key actors in Europe, will help us arrive at a path for Greece to return to growth, for this debt to become more manageable,” Obama said.
“But it’s going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”