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Eurogroup head resists US pressure to increase bailouts

Text by FRANCE 24 (with wires)

Latest update : 2009-03-25

Jean-Claude Juncker, president of the Eurogroup, said on Wednesday that Europe's plan for getting out of the financial crisis was a sound one and that US pressure to increase bailout money should not affect European nations.

Europe has no plans to increase the amount of its financial stimulus funds at the behest of the US, said Jean-Claude Juncker, president of the Eurogroup, on Wednesday.


In an opinion piece that ran in 30 papers worldwide on Tuesday, US President Barack Obama wrote, "Now, the leaders of the Group of 20 have a responsibility to take bold, comprehensive and coordinated action that not only jump-starts recovery, but also launches a new era of economic engagement to prevent a crisis like this from ever happening again."


Juncker said, however, that the European plans are sufficient. “The European stimulus packages are strong, demanding, important in volume and in quality. It is not up for debate that we raise the amount based on demands from the US,” he told Europe 1.


In an interview published in the French daily Les Echos on Wednesday, IMF chief economist Oliver Blanchard called for European nations to do more.


“In general, the European nations have not realised the magnitude of the shock this crisis has brought on… The immediate problem is to jump-start the economy and Europe must do more,” he said.


He added, “I see a slow recovery at the end of 2010 and then a soft and moderate recovery will begin, improving gradually."


Date created : 2009-03-25