CAMBRIDGE – There is no magic Keynesian bullet for the eurozone’s woes. But the spectacularly muddle-headed argument nowadays that too much austerity is killing Europe is not surprising. Commentators are consumed by politics, flailing away at any available target, while the “anti-austerity” masses apparently believe that there are easy cyclical solutions to tough structural problems.
US President Barack Obama on Wednesday said he was "deeply concerned" at the turmoil in the eurozone that has spooked global markets amid growing fears about Europe's debt crisis and anaemic growth."I am deeply concerned and I have been deeply concerned. I suspect I will be deeply concerned tomorrow and next week," he said at a press conference with Australian Prime Minister Julia Gillard in Canberra.Obama spoke as European leaders struggle to address the continent's public debt woes, which continue to roil global markets and weigh on the euro.
TOKYO (Reuters) - The Bank of Japan on Friday outlined a loan scheme aimed at supporting growth industries and upgraded its assessment of the economy, but said Europe's debt debacle needed watching for its impact on the global economy.