(MENAFN- Saudi Press Agency) Europe has the means and the will to overcome its economic crisis, having taken significant steps on the issue, the White House said Tuesday.
â€Å"Our position is as it was, which is we believe that Europe has both the capacity and the will to deal with the sovereign crisis, the eurozone crisis,â€‌ White House Press Secretary Jay Carney told reporters. â€Å"We have actively consulted with and counseled and offered advice to our European counterparts.
[Treasury] Secretary [Tim] Geithner, as you know, spends a lot of time on this issue, as does the President [Barack Obama] believe that the Europeans have taken important and significant steps towards dealing with this issue, including both building the resources necessary to deal with it, but also in different countries taking essential steps towards reform that are required in order to deal with this situation. So obviously this is an ongoing situation in Europe, both in Greece and elsewhere, and we monitor it very closely,â€‌ Carney said.
Carney said that the eurozone crisis poses a threat to the U.S. economy, as well as the global economy, but he said there are plenty of steps that can be taken to insulate the United States from global economic issues.
Congress can act by â€Å"eliminating tax incentives to businesses to ship jobs overseas and rewarding them for bringing jobs back from overseas to this country; cutting red tape so responsible homeowners can refinance … invest in a new-hire tax credit for small businesses … create jobs by investing in affordable clean energy … and put returning veterans to work using skills developed in the military,â€‌ Carney said.
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