EU Blames U.S. Spending for Turbulence

Brussels urges Washington to boost savings and reduce its current account and fiscal deficits to help shore up the U.S. economy

The European Commission has pointed to unhealthy public spending in the US as the main cause of the current global market turbulences and urged Washington to cut expenditure and boost savings, while praising Europe's own "solid and sound" economy and the positive effect of the common currency.

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