In the News: “The inability of European leading countries to find the way out of economic crisis seems to have become irritating even to the places most remote from the Old World. The official representatives of Australia sharply criticized the EU leaders, accusing them of empty talk and finally called them to take effective measures.” (Source: rg.ru)
“Australia on Monday accused European leaders of ‘mucking’ about for 18 months, and being on a ‘never-ending journey of just seeking to muddle through’ as they struggle to contain eurozone debt issues.
“Treasurer Wayne Swan, who has repeatedly called on Europe to resolve the issue before it damages global growth, said he was frustrated at the pace of efforts and urged a resolution at a meeting set for Wednesday.
“‘This has been going on for 18 months, and it is true that they have been mucking around for 18 months,’ he told ABC Radio.
“‘We do need to see a comprehensive set of plans, and if we don’t see those, we will see a protracted recession in Europe and the obvious implications of that for the rest of the global economy.’
“Swan’s comments were supported by Prime Minister Julia Gillard who warned Europe had been ‘living beyond its means’ and had so far only adopted half-hearted measures to address structural issues.
“‘For the sake of the global economy they need to get this fixed,’ she told The Australian newspaper.
“‘What the fix looks like is in the first instance a matter for them. But it must be fixed.'” (Source: business.inquirer.com)