European Commission president Jose Manuel Barroso blames US banks for Eurozone crisis at G20 summit

As European leaders come under intense pressure to resolve the sovereign debt crisis, Mr Barroso told a Canadian journalist Europe had not come to the resort town of Los Cabos to receive 'lessons'.

'Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy,' he said in answer to a question on why North Americans should help the EU.

'This crisis was not originated in Europe; seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market.'

Last night UK prime minister David Cameron joined German chancellor Angela Merkel, French president Francois Hollande and Italian premier Mario Monti for talks with US president Barack Obama on the eurozone crisis, described by the Organisation for Economic Cooperation and Development (OECD) as 'the single biggest risk for the world economy'.

Note EU-Digest: Barroso is right, but where the EU failed is not to act more aggressively against certain sectors of the financial industry which are still causing major havoc in economies around the world and specifically in Europe.

Read more: European Commission president Jose Manuel Barroso blames US banks for Eurozone crisis at G20 summit | Metro.co.uk