POTUS on Eurozone compromise
President Barack Obama meets with Prime Minister Petr Necas of the Czech Republic in the Oval Office October 27, 2011.
October 27th, 2011
06:04 PM ET

POTUS on Eurozone compromise

During a bilateral meeting in the Oval Office with the Prime Minister of the Czech Republic Petr Necas, President Obama reacted to today's announcement that the leaders of the European Union countries have come to a compromise over how to deal with Greece's debt crisis. Here's what the president said:

Let me say first at the top, the Prime Minister just came from Brussels, where he was part of the negotiations around the eurozone crisis.  I’m glad to see that progress was made in the recent meetings.  I think it is an important first step.  We’ve seen that, although it’s very complicated, obviously the countries of the eurozone and all of Europe are committed to the European project and are intent on making sure that it continues.

So we’ve seen that the message that they are going to deal with this in a serious way has calmed markets all around the world.  It will help lay the predicate for long-term economic growth not only in Europe but around the world.  The key now is to make sure that it is implemented fully and decisively, and I have great confidence in the European leadership to make that happen.

As reporters were being ushered out, the president was asked whether he thought the deal would help stave off a double-dip recession. He responded by acknowledging that "there has been progress," but what's needed now is "strong execution:"

I was very pleased to see that the leaders of Europe recognize that it is both in Europe’s interest and the world’s interest that the situation is stabilized.  And I think they’ve made significant progress over the last week.  And the key now is just to make sure that it drives forward in an effective way.

But it will definitely have an impact on us here in the United States.  If Europe is weak, if Europe is not growing, as our largest trading partner, that’s going to have an impact on our businesses and our ability to create jobs here in the United States.


soundoff (12 Responses)
  1. Steveo

    We need an Amerizone compromise. Too bad partisan politics won't allow it!

    October 27, 2011 at 6:43 pm |
  2. Trace

    Steveo,

    Its a pleasure seeing another of your intelligent posts, though ambiguous as it may be. Your post does highlight the problem but again excludes disclosing the divisive contributors to this country's woes.

    Today, I'm seeing the reports of the marine veteran injured in the OWS protests in Oakland. Its a shame that a person goes to fight in a foreign country (Iraq), fights for our liberties and freedoms, but comes returns to his own country and is beaten to the point of near death while protesting the inequities of society.

    I personally do not see the protests as a bunch of people looking for hand-outs and a free ride. I see them as people protesting a dynamic that says "I've got mine, screw you and yours". And if we are being honest, the GOP/Tea Party supports that mindset. That's not soley defined as partisan but rather ideology. Either all americans matter or they don't. So call it partisan to say Democrats support helping those that are struggling, no matter which party caused it or contribute to the problems. Whereas the GOP/Tea Party support the mantra support corporate profits, monied interests, and protect capitalism.

    Don't get me wrong, capitalism is and always has been the engine for this country's success. I'm not sure it was ever intended to be more important than the all of the citizens of this country, no matter their station in life. I believe true patriotism is saying that, if in fact this is the greatest country on earth, then every citizen matters and our primary objective should be to solve the problem of poverty...which I'm hearing 40% of this country's citizens are now dealing with.

    Again, I do not believe in a free lunch for those not willing to actively pursue their one success, and/or looking for others to take care of them. However, I'm convinced the majority of people suffering right now are good people that are frustrated about...You guessed it....partisan politics. And until I see or hear otherwise, the President and the Democrats are the only party actively supporting those people.

    October 28, 2011 at 11:29 am |
    • steveo

      Trace,

      I read that as well! Vey sad! I also read where OWS members barged into a bank. Now I am all for protesting, but marching into a bank when there are trying to conduct business is ridiculous. I have seen on the news some who are asking the government payoff their student loans. There are some out there looking for a handout! I am not judging the many by a few but I am saying there are ALL types out there to include those who are indeed looking for a free ride. I have seen the interviews BUT, those are the types that make the news! I do remember one guy, a welder. He stated he invested over $19K in himself to get the training and skill set to be a welder. All he wants is a job. This guy took the and effort to better himself. Something has to be done for guys like him and his family! I believe in capitalism but, what we are seeing is capitalism in it's worse form...GREED! Yes you are correct there is tremendous frustration. I cannot defend the fact a CEO makes $20, $30,$40 million while the mail clerk gets laid off. Trace, we have the highest corporate tax rates in the world! We all want jobs here but the government is going to have to create an environment that is condusive to job creation here! The problem is there is much disagreement on how to do that so, in the meantime NOTHING is getting done! The current tax rate is chasing folks away! Even GE is opening up a plant in China! The GE CEO sat next to the President when taking how about shovel ready jobs were not being as shovel ready as they like. The same GE who paid NO federal taxes in 2010 is creating jobs in China! Whose fault? The DEMS? yes!, the GOP, yes! DC can start creating a job condusive environment right now, if they wanted to!

      October 28, 2011 at 2:42 pm |
      • C-Lo

        Steveo–I am going to go out on a limb and defend the $20 million CEO (mind you, I have a household income of about $100k, no millionaire by a long shot).
        1. Shareholders of these companies elect a board of directors to oversee these salaries. If you don't like what's going on, elect a new board. (easier said than done by us simpletons, admittedly).
        2. If there is so much money to be had in the markets these CEO's and their companies serve, why aren't others starting up competative small businesses, offering similar products at lower prices?

        We as citizens have reduced ourselves to nothing more than cogs in the machine, unable to explore, attempt, fail, and attempt again. Where are the Edisons, Henry Fords, Einsteins, Bill Gates, Chris Gardners these days? Men/women with ideas, innovations and the courage to chase them?

        It used to be in this country, if you didn't like your station in life, you set out to change it. Now we look to corporations and gov't to change our status. I'm as much a "victim" of this as so many others. We have come to fear defeat and adversity so much that we don't even let our kids "compete" in sports anymore, now they just participate. No winners, no losers, no measurement of progress or ability.

        That's where the CEO's "earn" their $20 million while the "rest of us" suffer. As long as we have choices, we only have ourselves to blame for the "fat cats"

        October 28, 2011 at 3:28 pm |
      • steveo

        C-Lo,

        Understood and that is capitalism! What I am really concerned with the far end of that spectrum...greed. I look at Solyndra for example. A half billion later, jobs lost and I wonder if the CEO and board of directors "got theirs"? I think guys like Steve Jobs and Bill Gates deserved their pay! What about the COE who gets fired for losing jobs and losing money! He/she leaves with millions! Yet the first thing they do is fire the janitor! Not saying it is illegal but IMO it is immoral. My problem is greed! A prime example of that greed is Bernie Madoff. Yet he was enabled by those who wanted a quick buck! Greed enabled greed! I hope at makes a little sense. I am not dissing all of capitalism just the fringe element of it..Greed!

        October 28, 2011 at 4:08 pm |
    • steveo

      Trace,
      The method to my madness is simply toss out a snow ball (my 1st post here) as it rolls down hill it will pick up speed and weight (good folk like you who will add intelligent conversation to it). Maybe by the end of the journey, there will be enough info that we can all learn from!

      October 28, 2011 at 3:04 pm |
      • Trace

        Steveo, and C-Lo,

        I have an advanced degree and I make a 6 digit salary by myself. But I was one of the millions of unemployed. So I'm partial to Obama for implementing the Stimulus act.

        All that aside, I'm very strong minded and pretty set in my opinions, but the two of you are very intelligent men. Though I don't agree with even have of what you guys post. But the fact you both make some sense, I'm forced to listen.

        As for Jean2009, well, That's My Political Soul Mate :0)

        October 28, 2011 at 6:37 pm |
      • Steveo

        Trace,
        Happy that things turned around for you! Congrats! If you have allowed me (someone you have never met) and have only read for a few days) to shake your foundation, then I would submit that foundation was not strong to start BUT reading you, that is not you! . I don't expect to cause you to change your opinions BUT if I could only somewhat intelligently offer a view different from you own, then my time here is worthwhile.

        I don't have all the answers either but I am not above considering a view point different from my own. We have had different life experiences and that colors our opinions. I know there are areas in which we will find agreement and those that we will not but that is what makes America so great!

        Keep writing and I'll keep reading ! Thanks for the complement and the feeling is mutual! Have a great weekend!!

        October 28, 2011 at 6:58 pm |
    • C-Lo

      Trace–the GOP in a lot of ways has become the party of "I've got mine..." which is what gave rise to the Tea Party to begin with. I think, at least at its roots, the TP was a revolution against greed in DC–which translates to corruptions by corps etc. The TP was looking toward the original ideology of the Republicans as a small fed gov't. Some of this movement has been "hijacked," some of it misrepresented, but the roots of it are not "I've got mine, screw you" but "get that mentality out of DC." Corporations cannot force you to do anything. They can influence your decisions, but ultimately you choose where to obtain products and services. If you are willing to pay more for a product developed in an enviornmentally responsible way, and others are as well, then a market will be created for it.

      Gov't on the other hand forces our "choices." Whether it's by taxing us to pay for wars, healthcare, welfare or corporate subsidies (from Haliburton to Solyndra, from corn to natural gas).

      Let me throw out one example...Healthcare. People are up in arms about the cost of insurance, lack of coverage and "obscene" profits that are being had by health insurance companies. With this being the case, why haven't a group of well-to-do Democrats (Soros, Buffet, Immelt, Gates, etc.) established a competative health insurance company that caps it's returns at...pick a number? Or better yet, set it up as a non-profit? If there is SO much money and profit to be made or used to "responsibly cover the policy holders" why isn't this happening? Seems there is a market for it.

      If they were truly concerned about the middle class, it would seem logical someone would do this. Instead we all wait on Gov't to solve the problem.

      October 28, 2011 at 3:14 pm |
      • jean2009

        Honesty...how about that... so you find it okay for the Tea Party to align itself with self-centered "I've got mine" people....with the assumption that they would get corruption from D.C.....Please who is the one who is gullible?

        If caring people in a real world were truly concerned about the middle-class, it seems logically to me we would have instituted a single payer-system of health care in this country years ago. Second best, is providing the ability and means for everyone to be covered with insurance; which is better and less expensive for everyone than the uninsured having no health insurance coverage period.

        What everyone seems to conveniently forget is that Medicare works very well...and forgive me ....why should only a group of well-to-do Democrats be expected to establish a non-profit health insurance company? What's wrong with members of the "scr3ew you I've got mine party" kicking in?

        October 28, 2011 at 4:43 pm |
  3. Liz Carter in Georgia

    Trace I agree with your last post of October 28, 2011 6:37 pm ET to Steveo and C-Lo 100%. Thanks. I told everyone on this site that Jean is also my political teacher and soul mate...I put that out or admitted that here on this blog some months ago.

    October 30, 2011 at 10:54 pm |
  4. Kathelyne

    What possible cnnceotion could Barack Obama have to Middle America, being a Senator from Illinois and all?Yes, of course, why being a Senator from Illinois means that Barack Obama really understands Pennsylvania voters is that really your argument?I don’t see how the statement was that different than the inconvenient truths he pointed out in much-celebrated speech following the Jeremiah Wright debacle. Not one word of what he said is even remotely disputable by any serious person. Thankfully for the GOP, there are no serious people left in their ranks so they’ll demagogue it into oblivion.You do realize how seriously arrogant that statement is, right? That no serious person could ever dispute that the only reason that cultural conservatives believe what they do is because they've lost faith in the power of the state?Again, if that's going to be the argument, it's a losing one.It remains to be seen which statement will be perceived as more arrogant and condescending….that bitter blue-collars cling to guns and religion when times get tough….or that their jobs are gone and will never come back, so get used to poverty and vote McCain!!!!Except Sen. McCain has the integrity to tell those people the truth: technology means that the future is not in heavy manufacturing. The only way to rebuild that area of the country is to remove the barriers that are keeping good jobs away. Barack Obama would put more barriers in place. He's firmly in bed with the unions, a promoter of higher taxes and more regulation, and would take away jobs through engaging in yet more protectionism. He's wrong for Pennsylvania in the same way he's wrong for the rest of the country but that argument is an aside from the main point here.And the very people you and the GOP prescribe a strict starvation diet for, be it opposition to steel tariffs or an extension of unemployment benefits as part of the economic stimulus package. You have alot of chutzpah pretending you respect or care about these people when your inevitable diagnosis for their hard times is a recommendation that they move to Sioux Falls, South Dakota, where unemployment is lower.Nice straw man, but that's another one of your rhetorical tricks if you can't understand the subject, attack the messenger. The real way to help the people in Pennsylvania is to reduce the burdens imposed by government, not increase them. The real way to help the people of Pennsylvania is to end the corruption of the union, not feed their lust for more power and control over the lives of workers.Democrats from Sherrod Brown to Bob Casey to Jim Webb to Brad Ellsworth won big in the Scots-Irish belt in 2006 by running a populist “reframed” message that was well to left of Clintonian centrism, even though you’ll undoubtedly attempt to claim all of these Democrats are actually Republican-lite. The meat-and-potatoes Democratic message DOES sell to the very voters Obama describes. The region’s flirtation with Republicans is entirely based on cultural wedge issues, which is why Republicans will stop at nothing to exploit these issues over and over and over again.Jim Webb ran on a gun control platform? 2006 was less than two years ago, and already the revisionists have ignored the fact that these candidates all ran as centrists, not leftists. If the Democrats want to run as a party of the hard left, that's their prerogative. It won't work any better than it did when they tried the same in 1968 or 1984.With that in mind, PLEEEEASE go to rural Pennsylvania boisterously selling your “there will be NO help for you folks” message and see how much good it does for McCain. The GOP’s let-them-eat-cake worldview was the primary cause for the party’s 2006 meltdown and will play even less effectively in the economically troubled 2008 election. So I’m really happy you people get it. That places like Pennsylvania are committed to cowboy governance where trade agreements are signed, tariffs are eschewed, and where Wall Street are the only beneficiaries of government aid amidst the financial crisis. Jay, you are soooo reading these people right!If all you're going to do is insert your own argument in place of the one made, then don't even bother reading the site, just engage in your own fantasies. If you don't have the intellectual courage to argue on the actual argument, then you're wasting your time.Uh, Jay….born in Kansas, representing Illinois in Congress. Are you really THAT stupid?Born in Kansas to a Kenyan father, lived in Indonesia and Hawaii, went to Yale and Harvard Law School. Of course, Barack Obama is just like the average American.If you're going to accuse someone of being stupid by making an argument that is itself stupid, then you're best keeping your mouth closed.But then again, I’m as big of a cultural elitist as Obama right, what with my growing up on a dirt road in rural Minnesota and attending a high school in a town of 1,200, then attending college in a town of 8,000, right? I can’t possibly understand Middle America either! Thankfully, enlightened law students who hobnobbed with the elites at Gustavus Adolphus and now lives in the richest suburban county in the Twin Cities can keep me and others apprised on how rural Middle America really thinks!So now someone who went to Yale and Harvard is not an elite, but someone who went to a small liberal-arts college in the middle of Minnesota is? Are you even trying to make sense, or just ranting?

    July 31, 2012 at 6:07 am |