Merkel Rebuffs Obama…Again

He’s the leader of the most powerful nation on Earth, she’s leader of the largest economy in Europe.  Weeks away from the next G20 meetings, US president Barack Obama and Germany’s Chancellor Angela Merkel have come to blows over what is the best way to deal with the global recession.

As finance leaders met in southern England yesterday, Merkel made a third rebuff to Obama in as many days.  Speaking from London, Merkel said that Germany had “done enough” to help the crisis.  Indeed, the country has launched numerous boosts totalling over 182 billion euros.  Merkel feels that injecting yet more money on a global scale will not aid the economy, and that it is more important to focus on tighter financial regulations.  According to her, more transparency is need in order to prevent more largescale crises from recurring.

Germany’s boosts so far have included billions to aid company liquidity, and something of a money exchange whereby car owners are offered premium to scrap old cars for new, energy-efficient ones.

It certainly looks as though the G20 summit, which commences on 2nd April, will be a clash of the titans as leaders join the two corners on this key argument.

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