EU presidency: US economic plans 'a road to hell'

Dear Obama,

They really don't like your bogus plan to rescue the American Economy and the impact it will have on the Global Economy. I hope you have an wonderful time at the G-20 Summit.
Rees

By RAF CASERT
Associated Press Writer
March 25, 2009

STRASBOURG, France – The president of the European Union slammed President Barack Obama's plans to have the U.S. spend its way out of recession as "a road to hell," underscoring European differences with Washington ahead of a crucial summit next week on fixing the world economy.

Other European politicians kept their distance from the blunt remarks by Czech Prime Minister Mirek Topolanek, with some reproaching the Czech leader for his strong language and others reaffirming their good diplomatic ties with the U.S.

Topolanek, whose country currently holds the rotating EU presidency, told the European Parliament on Wednesday that Obama's massive stimulus package and banking bailout "will undermine the liquidity of the global financial market."

European governments, led by France and Germany, say the focus should be on tighter financial regulation, while the U.S. is pushing for larger economic stimulus plans — but nobody has so far escalated the rhetoric to such strident levels.

Topolanek's remarks are the strongest criticism so far from a European leader as the 27-nation bloc sticks to its position that its member countries are already spending enough to stimulate demand.

The remark highlights the difficulties leaders may face coming up with a common approach at the April 2 summit in London among leaders of the Group of 20 industrialized and leading developing countries.
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