Wednesday Jun 27, 201205:01 AM GMT
Germany rebuffs Obama's advice on euro crisis
German Finance Minister Wolfgang Schaeuble
German Finance Minister Wolfgang Schaeuble
Wed Jun 27, 2012 5:1AM
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Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”

German Finance Minister Wolfgang Schaeuble

The German finance minister has criticized US President Barack Obama for his comments about the handling of the euro crisis by Germany.


In a sign of tensions between Berlin and Washington, Wolfgang Schaeuble said Obama should focus on cutting America's own budget deficit before advising Europe on how to tackle its debt problems.

"Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone," he told German public broadcaster ZDF.

There are fears that the escalating debt crisis in the eurozone could drag the world economy down.

Obama has heaped criticism on Europe's handling of the euro crisis in recent weeks.

The 17-nation eurozone is struggling to fix its debt crisis in a bid to restore investors' confidence.

Various eurozone member states, including Greece, Spain and Italy, have been struggling with deep economic woes since the bloc's financial crisis began roughly five years ago.

DB/GHN/HJL
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