Europe

Europe

Berlusconi, Obama discuss financial emergency over phone

09 August 2011 21:49 (UTC +04:00)

Baku-APA. Italian Prime Minister Silvio Berlusconi held a phone conference with U.S. President Barack Obama over cooperation in tackling the financial emergency, APA reports quoting Xinhua.

The two leaders analyzed the outlook of financial markets in both the United States and Europe, expressing a common stance on the need to monitor the situation closely.

Obama praised Italy’s government decision to anticipate some of the crucial measures of its austerity budget plan in an attempt to shield the country from a debt crisis and boost growth, saying it was heading the right direction.

Berlusconi stressed that the financial turmoil in Italy was not particular of the country, but that it rather had a global dimension and therefore required global actions both economic and political on both sides of the Atlantic.

"We are witnessing a general attack against the euro which may hit a country one day and another the next day," Berlusconi said.

The two said they shared common concerns in tackling the turmoil, especially following the downgrade of U.S. credit rating by rating agency Standard and Poor’s.

Berlusconi has been talking on the phone to several other world leaders in recent days to identify possible joint actions and also to keep up national and European monitoring of financial markets.