EU Crisis Could Affect US, Mexico The News
go to original May 11, 2012

Former United States President Bill Clinton

MEXICO CITY – Former United States President Bill Clinton said that if the “European financial experiment” fails in the coming months it could affect Mexico and the U.S.

“It will affect everything. Even though we are far from Europe it will have an extremely negative (impact). We need to continue to find ways to cooperate (and) share the burdens and benefits of this world because we are all in it together,” he said on Tuesday.

During his speech at the 22nd Mexican Insurance Brokers Convention, Clinton said that the U.S. could be affected by the European crisis because big U.S. banks have large investments in European financial institutions.

He added that austerity policies do not currently work because of high demand and interest rates.

“Greece does not have a good tax system, so the answer is to adopt a manageable long-term plan, work together for the next two years and to ease up on the push for austerity until growth is restored,” he said.

The two-year time frame, he said, will allow for solid growth in the U.S. and all of Latin America.

According to Clinton, Spain has an unsustainable level of debt that needs to be addressed, and Greece needs to attend to its retirement funds, both of which need to be taken care of in the next two years.

The main obstacle for Latin American countries to consolidate their development is the drug trafficking phenomenon, he said.

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!