Wednesday, August 24, 2011

Euro breaking down: Greenspan

Former US Federal Reserve chairman Alan Greenspan

Source: Press TV

The euro is breaking down and the US economy is suffering because of Europe's debt crisis, according to former US Federal Reserve chairman Alan Greenspan.

"The euro is breaking down and the reason we're so sluggish is the level of uncertainty," Greenspan said at the Innovation Nation Forum in Washington DC on Tuesday, AFP reported.

The ex-US central bank chief emphasized that 20 percent of US exports go to Europe.

Greenspan mentioned that although the US economy is currently very sluggish, increasing the probability of another recession, he did not expect any event of the sort to happen.

"I do not expect the United States to fall back into recession, though the odds of it have increased," Greenspan said at the forum.

He said the reason why European banks are facing additional problems every day is the fact that European countries are one by one either defaulting on their debts or getting closer to do so.

New figures indicate that the US unemployment rate increased above 9 percent as the nation is gripped by economic crisis.

US President Barack Obama, who is currently on vacation despite the economic hardship of the country, warned of dangerous low economic recovery that might not be fast enough to deal with "a genuine unemployment crisis" on Saturday.

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