Sat, 09 Jun 2012 05:26:48 GMT | By IANS

European situation threat to US economic recovery: Obama

Washington: The simmering eurozone debt crisis posed a big threat to the US economic recovery, with the region facing the risk of a renewed recession, US President Barack Obama said Friday.

European situation threat to US economic recovery: Obama

Speaking during a press conference, Obama said the European leaders should take further action to strengthen the weak banking sector and soothe market jitters, Xinhua reported.

US lawmakers should pass the full American Jobs Act presented by the administration to Congress last September to spur job creation in the US and guard against economic slowdown risks in other parts of the world, he said.

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

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