23 Aug '11, 8pm

Euro 'breaking down', says Greenspan

Euro 'breaking down', says Greenspan

WASHINGTON: The euro is breaking down and Europe's debt crisis is holding back the US economy, former US Federal Reserve chairman Alan Greenspan said on Tuesday. "The euro is breaking down," the ex-US central bank chief told a Washington forum, according to Dow Jones Newswires. "The reason we're so sluggish is the level of uncertainty," he said at the Innovation Nation Forum, underscoring that 20 percent of US exports go to Europe. Greenspan said a key problem was that European banks are falling into trouble because of their huge holdings of debt of countries close to default. Greenspan also said he did not expect the United States to fall back into recession, though the odds of it have increased.

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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