U.S. has "enormous" debt problem: ECB's Stark

ALPBACH, Austria Thu Sep 1, 2011 9:04am EDT

European Central Bank (ECB) policymaker Juergen Stark speaks during a dinner function at a hotel in Hong Kong April 12,2011. REUTERS/Tyrone Siu

European Central Bank (ECB) policymaker Juergen Stark speaks during a dinner function at a hotel in Hong Kong April 12,2011.

Credit: Reuters/Tyrone Siu

ALPBACH, Austria (Reuters) - A debt crisis is still gripping the developed world, European Central Bank policymaker Juergen Stark said, adding there was no alternative but for countries to take painful steps to consolidate their public finances.

"The crisis is not over. Not just in Europe is it not over, it is also not over in other regions of the world," he said, adding the United States had an "enormous" debt problem and lacked the structures to get the problem under control.

Stark, a member of the ECB's executive board, declined to discuss ECB monetary policy during a panel discussion at the Alpbach Forum economic conference on Thursday.

(Reporting by Michael Shields; Editing by John Stonestreet)

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Comments (17)
sweettea wrote:
The Europeans talking about debt problems is like Bush talking about speach problems.

Sep 01, 2011 6:54am EDT  --  Report as abuse
GA_Chris wrote:
Except Europe is doing something about their debt. We have a bunch of retards who have no idea what to do

Sep 01, 2011 7:27am EDT  --  Report as abuse
nbywardslog wrote:
Goodness me, but this Austrian chap is really on the ball, isn’t he? Imagine him working all that out on his own. No wonder he’s a grande fromage in the ECB.
http://hat4uk.wordpress.com/2011/09/01/osborne-crushes-cable-as-banks-wriggle-free-again/

Sep 01, 2011 7:49am EDT  --  Report as abuse
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