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Friday, April 3, 2009

'US economic plan, road to hell'

Wed, 25 Mar 2009 20:58:53 GMT | PressTV

Czech Prime Minister Mirek Topolanek

Czech Prime Minister Mirek Topolanek says that Washington's plans to fight the global economic crisis are "the way to hell."

"The path the United States has chosen is historically discredited," the head of the European Union told the European Parliament on Wednesday, advising Americans to "read dusty history books" so as to avoid repeating "the errors of the 1930s" and the Great Depression.

"Americans will need liquidity to finance all their measures and they will balance this with the sale of their bonds but this will undermine the liquidity of the global financial market," Topolanek said.

Topolanek's remarks came a day after he was ousted by the Czech Republic's Parliament.

The Czech Republic currently holds the six-month rotating EU presidency but its leadership is in question, with Topolanek hanging on to a caretaker government at home after losing a "no confidence" vote on Tuesday.

The comments by Topolanek to the European Parliament on Wednesday highlighted Europe's simmering differences with Washington ahead of a key summit next week on fixing the world economy.

European leaders hope the new US administration will agree with them on tightening oversight over the global financial system - which they see as crucial to fixing the global economy.

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