U.S. President Barack Obama said on Wednesday its deep concern on the crisis in the euro area and said the market turmoil will continue until the reach Europe for a concrete plan to deal with the problems of sovereign debt.
Obama’s comments and adds a new voice to stay out of Europe, demanding strongeraction to deal with the crisis two years ago and comes at a time when stock markets in line with the fall in bond markets in the euro area.
Obama said at a news conference in the Australian capital Canberra “to plan and to put a concrete framework sends a clear signal to the markets that Europe supports the euro andwe will continue to do such steps to see what we see from the turmoil in the market now.”
On Wednesday, Asian stocks fell and the euro fell to its lowest level in a month against the dollar and the yen.
He said that despite Obama’s success in the formation of governments of national unity in Italy, Greece, Europe is still facing a “problem of political will” is not a technical problem.
“We will continue to provide advice to European leaders on the options that we believe it represents the start signal the beginning of the stability of the markets. This will requiresome difficult decisions on their part.”