Euro Crisis: Obama: No "silver bullet" for euro crisis

President Obama has said that European leaders recognised the need for “bold and decisive” action to resolve the debt crisis.

Speaking at the G20 summit the US President argued that whilst there was no “silver bullet” that “Europe is moving closer towards further integration rather than break-up”.

In a communique issued at the end of the summit the G20 collectively said that they would take “all necessary measures”.  Leaders pledged to maintain stability within the Eurozone and work to support the new Greek government, expected to be formed this week.

The communique stated that “Euro area members of the G20 will take all necessary measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks”.

German Chancellor Angela Merkel argued that Greece must fulfil the already agreed bailout deal saying that “”It’s obvious that the reforms that were agreed in the past are the right steps and that they therefore must be implemented”.

 

 

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