EU Official Blames Market Turmoil on US Economic Imbalances
The European Union's top economic official has blamed the current turmoil in global stock markets on major imbalances in the U.S. economy. Joaquin Almunia says these imbalances include the large U.S. trade deficit and government overspending, which have forced Washington to take on huge debt. Almunia was speaking Tuesday in Brussels after meeting with EU finance ministers.
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