By Alister Bull and Caren Bohan | WASHINGTON | Fri Jun 8, 2012 8:50pm EDT
President Barack Obama, beset by a faltering economic recovery five months before he seeks re-election, said on Friday
European leaders must act urgently to resolve the region's financial crisis and stem the threat of recession.
Obama said decisions about how to solve the euro zone crisis were fundamentally in the hands of Europe's leaders and their
political commitment would be a "strong step." He was speaking a week after a dismal U.S. jobs report heightened concerns
about the impact of Europe's crisis on U.S. growth.
Obama spoke as despair deepened in Spain, which is expected to ask for euro zone aid on Saturday to recapitalize its banks.
It would be the fourth country to seek assistance since Europe's debt crisis began. Elections in Greece on June 17, meanwhile,
could decide whether Athens will stay in the euro zone.
The president's hastily scheduled remarks also capped a bad week for him and Democrats. They lost badly in a Wisconsin
gubernatorial recall vote and financial reports showed that Republican presidential candidate Mitt Romney raised more campaign
money than Obama in May.
<iframe width="640" height="360" src="http://www.youtube.com/embed/es4nc2d8FIA" frameborder="0" allowfullscreen></iframe>
President Barack Obama, beset by a faltering economic recovery five months before he seeks re-election, said on Friday
European leaders must act urgently to resolve the region's financial crisis and stem the threat of recession.
Obama said decisions about how to solve the euro zone crisis were fundamentally in the hands of Europe's leaders and their
political commitment would be a "strong step." He was speaking a week after a dismal U.S. jobs report heightened concerns
about the impact of Europe's crisis on U.S. growth.
Obama spoke as despair deepened in Spain, which is expected to ask for euro zone aid on Saturday to recapitalize its banks.
It would be the fourth country to seek assistance since Europe's debt crisis began. Elections in Greece on June 17, meanwhile,
could decide whether Athens will stay in the euro zone.
The president's hastily scheduled remarks also capped a bad week for him and Democrats. They lost badly in a Wisconsin
gubernatorial recall vote and financial reports showed that Republican presidential candidate Mitt Romney raised more campaign
money than Obama in May.
<iframe width="640" height="360" src="http://www.youtube.com/embed/es4nc2d8FIA" frameborder="0" allowfullscreen></iframe>
