PM Julia Gillard: “European leaders must quickly solve debt crisis”
Australian Prime Minister Julia Gillard has released a statement that she will try her best and use her position as the chair of the 54-member Commonwealth to warn the European leaders about the debt crisis and the immediate solutions they must do. This plea was made after the reports that British Prime Minister David Cameron and French President Nicolas Sarkozyhad clashed over the debt crisis in Europe. Gillard does not want the Commonwealth member nations to be dragged down by this, and demands decisive actions as well.
“At this moment, our deepest uncertainty comes from Europe. While the epicentre of the crisis is Europe, all of us as Commonwealth member nations stand to suffer if the correct response is not forthcoming. In this interconnected world, economic problems do not begin and end at national borders,” she said during the Commonwealth Business Forum in Perth.
Treasurer Wayne Swan has also been making news as he repeatedly called on Europe to try and resolve the debt issues before it creates more and larger damages such as affecting global economic growth. It was also reported that Swan was “frustrated” at the pace of all the efforts being done to solve the debt crisis.
“We do need to see a comprehensive set of plans, and if we don’t see those, we will see a protracted recession in Europe and the obvious implications of that for the rest of the global economy,” he said. “And also we do need to see a very sizeable war chest to deal with the threat of contagion, that is the spread of these sovereign debt issues to countries like Italy.”
These comments of Swan were supported by Prime Minister Gillard. She said that Europe has been “living beyond its means” and also criticized the “half-hearted measures” it implemented to address said structural issues.
Debt consultants such as Debt Assist have also voiced out their observations that there can be some major debt issues that might affect Australia in the next few years. They have released statements showing concern on what is happening on the European debt crisis, even though Australia was able to survive the global financial crisis without experiencing recession. “The country is still not immune to global economic problems,” they said.
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