Wednesday, September 24, 2008

Washington Helped Drag Europe into the Credit Crisis

Spiegel Online

Response to Washington's multi-billion dollar Wall Street bailout has involved a lot of skeptical grumbling in Germany and the UK. German Chancellor Angela Merkel says the Bush administration has mishandled Wall Street, and that its refusal to adopt stricter rules led to the current crisis.

The United States government is campaigning around the world for support for its multi-billion dollar Wall Street rescue package. The reaction has been skeptical at best -- and in Europe the plan has been met with bare-knuckled criticism.

German Chancellor Angela Merkel has accused the US government of serious failures which she believes contributed to the current credit crisis. In particular she blamed Washington for resisting stricter regulation.

On Monday she also said the crisis could hurt the German economy. "The whole thing is going to set the pace for the economy in the coming months and perhaps years," Merkel said at a meeting of her party, the conservative Christian Democrats.

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