Thursday, March 26, 2009

e.u. president calls bailout "a road to hell"

Washington Post | The president of the European Union on Wednesday ripped the Obama administration's economic policies, calling its deficit spending and bank bailouts "a road to hell."

The comments by Prime Minister Mirek Topolanek of the Czech Republic, which holds the E.U.'s rotating presidency, startled some U.S. and European officials, who are preparing for President Obama's visit next month to several European cities, including Prague, the Czech capital.

In an address to the European Parliament in Strasbourg, France, Topolanek abandoned diplomatic niceties and blasted Washington for approving a $787 billion economic stimulus package, which he said encouraged "protectionist" trade policies. He said the overall U.S. strategy for ending the recession would flood global markets with too many dollars and lead to bigger problems.

"All of these steps, these combinations and permanency, is the road to hell," Topolanek said. "The United States did not take the right path."