Congress "nutters" risk global finance: UK minister

LONDON Sun Jul 24, 2011 8:05am EDT

Britain's Business Secretary Vince Cable speaks during a question and answer session at the Liberal Democrat party conference in Sheffield, northern England March 12, 2011. REUTERS/Nigel Roddis

Britain's Business Secretary Vince Cable speaks during a question and answer session at the Liberal Democrat party conference in Sheffield, northern England March 12, 2011.

Credit: Reuters/Nigel Roddis

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LONDON (Reuters) - Right-wing "nutters" in the United States Congress holding up a deal to prevent a catastrophic debt default are a greater risk to the global financial system than problems in the euro zone, a British minister said Sunday.

Business Secretary Vince Cable said "irresponsible" people who had been gleefully anticipating the collapse of the euro currency had been confounded after European leaders agreed a second rescue package for debt-stricken Greece last week.

"The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American congress rather than the euro zone," he told BBC television.

Cable, a former economist known for speaking his mind, has previously denounced bankers as "spivs and gamblers."

Last December he was removed from his role overseeing News Corp's bid for all of British pay TV firm BSkyB after being recorded saying he had "declared war" on News Corp chief Rupert Murdoch.

The U.S. Congress is seeking to hammer out a deficit deal and assure investors before Asian markets open that America can avert a default and hold onto its prized credit rating.

The United States will run out of funds to service its debt on August 2 if Congress does not approve additional borrowing.

Republicans have insisted the White House agree to deep spending cuts for long-term deficit reduction before they approve any increase in America's debt burden.

(Reporting by Tim Castle; Editing by Erica Billingham)

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Comments (27)
AllForLight wrote:
Vince Cable is wrong. It’s not “a few”.

Jul 24, 2011 8:45am EDT  --  Report as abuse
nutter wrote:
Stay our of our business. It is because of the UN and most other countries that we are in a financial problem. I hope all the foreign aid is stopped and about 25% of UN expenditures and kept here to take care of our own do nothings. then out taxes won’t go up again.

Jul 24, 2011 8:51am EDT  --  Report as abuse
Bob9999 wrote:
Truth hurts.

Jul 24, 2011 9:19am EDT  --  Report as abuse
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