Debt Package for Europe Took U.S. Nudge

NEW YORK TIMES/Deal Book Blogs, 5/12/2010 - President Obama had just flown into Hampton, Va., Sunday morning to deliver a commencement address. But before he donned his silky academic robes, he was on the phone with Chancellor Angela Merkel of Germany, offering urgent advice — and some not so subtle prodding — that Europe needed to try something big. ∴ Weeks of hesitant half-steps to address Greece’s debt problems had only worsened market worries about the euro, and were threatening the still-fragile economic recoveries in the United States and Asia, Steven Erlanger, Katrin Bennhold and David Sanger report in The New York Times. Now, Mr. Obama told Mrs. Merkel that the Europeans needed an overwhelming financial rescue to end speculation that the euro — and European unity — could crumble. Read more at the NYT...

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