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Alan Greenspan: Euro breaking down

 
 
 
 
 
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Former US Federal Reserve chairman Alan Greenspan.

The euro is breaking down and the US economy is suffering because of Europe’s debt crisis, according to former US Federal Reserve chairman Alan Greenspan.

“The euro is breaking down and the reason we’re so sluggish is the level of uncertainty,” Greenspan said at the Innovation Nation Forum in Washington DC on Tuesday, AFP reported.

The ex-US central bank chief emphasized that 20 percent of US exports go to Europe.

Greenspan mentioned that although the US economy is currently very sluggish, increasing the probability of another recession, he did not expect any event of the sort to happen.

“I do not expect the United States to fall back into recession, though the odds of it have increased,” Greenspan said at the forum.

He said the reason why European banks are facing additional problems every day is the fact that European countries are one by one either defaulting on their debts or getting closer to do so.

New figures indicate that the US unemployment rate increased above 9 percent as the nation is gripped by economic crisis.

US President Barack Obama, who is currently on vacation despite the economic hardship of the country, warned of dangerous low economic recovery that might not be fast enough to deal with “a genuine unemployment crisis” on Saturday.

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  • Show2n

    What exports is he exactly talking about? Agriculture? Stuff made in China?

  • Dan

    What a lying piece of crap. How about the Feds printing money like it’s going out of stye. And weakening the dollar. Greenspan is a traitor and a liar. He should be thrown in prison. He’s no better than a low life mobster. That goes for the rest of those in the federal reserve and most of those in Washington. They are the ones that are responsible for this economy.

  • Jewherder

    I look forward to the time when the seed of Yahweh is expunged.

  • Jean-Francois Morf

    i-CALUMNY the PIIGS:

    i- (Illinois)
    CA (California)
    LU (Louisiana)
    M (Michigan)
    NY (New York)

    the

    P (Portugal)
    I (Ireland)
    I (Italy)
    G (Greece)
    S (Spain)

    All these over-indebted states are calumniated from the same bad banks that has been saved in 2008 from these now over-indebtedstates!

  • Jean-Francois Morf

    Because USA wanted that USD remain the world currency, they invented 2010 the concept PIIGS!
    It was an ill calumny at the beginning, but now you can find PIIGS more then 2 millions times with Google! The PIIGS concept is a self full filling prophecy, now ruining Europa!
    Pretending that the Euro will disappear because of any PIIGS default is as stupid as pretending that the USD will disappear because of any “ILL CALUMNY” default!
    But US traders yells “ILL PIIGS”, and Europa traders don’t answer ILL CALUMNY…

    ILL as Illinois,
    CA as California,
    LU as Louisiana,
    M as Michigan,
    NY as New York!

    I’ll calumny these 5 USA states, over indebted as pigs, for having saved their banks in 2008!
    As a thank, banks calumniate the countries that have saved them in 2008!

  • ophelia

    Greenspan, YOU are the reason the world is falling apart. You, Bush, HRH, Obama, Rockafellers, Halliburton, BP, Wall Street, bank ceo’s, all of you, because of your greed, the entire world is suffering, because your hollow shell of a soul can never be satisfied, your greed is never satisfied. HUMAN NEED, NOT CORPORATE GREED.

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