Obama says Europe has not fixed financial system

Reuters News
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Posted: Sep 28, 2011 12:14 PM
Obama says Europe has not fixed financial system

WASHINGTON (Reuters) - European nations have not done enough to fix weaknesses in their financial sector, President Barack Obama said on Wednesday, keeping pressure on euro zone leaders to resolve the region's debt crisis.

The U.S. economy's recovery has been hampered by global issues including the Arab Spring uprisings that pushed up energy prices and the financial health of European countries, Obama said.

"In Europe, we haven't seen them deal with their financial system and banking system as effectively as they need to," he said in a question and answer session with U.S. Hispanic media.

Obama, whose re-election chances in 2012 have been hurt by persistently high unemployment and fears of another recession in the United States, said on Monday the debt crisis in Europe was "scaring the world."