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U.s. Debt Problems 'casting Global Shadow' - Eu's Barroso

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http://uk.reuters.com/article/2013/10/30/uk-eu-us-economy-idUKBRE99T0LI20131030

Persistent doubts about the ability of the United States to resolve its debt problems are putting U.S. credibility in the world at stake, European Commission President Jose Manuel Barroso has warned.

The White House won a brief respite this month when the Republicans backed down after a 16-day government shutdown. But the temporary fix has only pushed the problem into early 2014, with no comprehensive solution in sight.

Barroso, who heads the European Union executive and has been at the frontline of efforts to resolve Europe's debt crisis over the past three years, said the uncertainty was making investors risk averse, with potentially damaging economic consequences.

"What is at stake is fundamental, not only for the American economy, but also for the credibility of the United States in the world," he told Reuters in an interview.

"I hope that American democracy will work and will deliver what I think is critically important, not only for America but also for the world, because of the size and the impact of the American economy in the world."

At the peak of Europe's debt crisis, when it looked like Greece could be forced out of the single currency zone and global markets were on edge, U.S. officials repeatedly sought assurances from the EU that leaders had the situation in hand.

So to stabilise the global economy Barroso wants to ensure America takes on more debt to solve the global debt crisis?

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So to stabilise the global economy Barroso wants to ensure America takes on more debt to solve the global debt crisis?

Hoping someone bigger will fold first so they are off the hook.

"the problem started in US, if they had just ..."

EU need to sort youth unemployment out - I'm just baffled how a socialist entity like the EU can just sit by and watch 40%+ kids have no hope of employment - that alone makes the potential systemic collapse look trivial - a collapse would be over in 5 years - a generation growing up without hope is a 50 year problem.

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