Obama will not offer aid to the Eurozone
At a summit of European leaders in Cannes on Thursday, the U.S. will say it will not provide financial assistance to the Eurozone in their fight against the debt crisis.
U.S. officials believe that Eurozone countries have the necessary financial means to help themselves - and if they need help, they can turn to developing countries, led by China, as well as the International Monetary Fund.
That was a hint at the $600 billion that is gathering dust in the Financial Stability Fund - and the $1.4 trillion in bailouts last week by European leaders for potential bankrupt countries like Italy and Spain. In addition, the European Central Bank did not allocate any new resources last week.
Still, the Obama administration wants to help Europe out of its crisis, as a deep recession will affect banks, multinational companies and U.S. exporters.
The overall goal of the summit, U.S. officials said, is to find a balanced solution between donor and debtor nations. Until that goal is achieved, the U.S. will remain "too vulnerable to disruption beyond our shores," U.S. Under Secretary of the Treasury for International Affairs Brainard said.
According to the foreign press for ForTrader.ru