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Obama urges bold action to check eurozone crisis, spur growth

(Xinhua)

11:06, June 09, 2012

U.S. President Barack Obama speaks during a press briefing at the Press Briefing Room of the White House in Washington D.C., capital of the United States, June 8, 2012. The simmering eurozone debt crisis posed a big threat to the U.S. economic recovery, with the region facing the risk of a renewed recession, Obama said Friday. (Xinhua/Zhang Jun)

WASHINGTON, June 8 (Xinhua) -- In a hastily arranged White House press conference on Friday, U.S. President Barack Obama pressed for a bigger role of government in curbing the simmering eurozone debt crisis and boost the anemic growth on both sides of the Atlantic Ocean.

Eurozone debt crisis posed a big threat to the U.S. economic recovery, with the region facing the risk of a renewed recession, Obama told reporters.

The press conference came after a weak job report and a string of other economic data showing U.S. economic growth was slowing and the impacts of the escalating eurozone debt crisis had reached U.S. shores, putting pressure on U.S. policy makers to take action.

Experts held that the two-year-old eurozone debt crisis, the epicenter of the global economic slowdown, posed formidable challenges to the United States through waning exports and financial markets fluctuation and dimmed the outlook of Obama's reelection bid.

"Obviously this matters to us because Europe is our largest economic trading partner. If there's less demand for our products in places like Paris or Madrid it could mean less businesses -- or less business for manufacturers in places like Pittsburgh or Milwaukee," said Obama.

He has been in close consultations with European leaders to discuss developments of the eurozone debt turmoil in recent weeks, ahead of a critical Greek election.

Greece is poised to conduct a second round of general election on June 17, in a bid to resolve the political stalemate after the May 6 national election that produced a legislature divided among supporters and critics of the austerity measures mandated by the global rescue package. Standard & Poor's earlier this week forecast a one-in-three chance that Greece will exit the currency bloc.

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