BREAKING NEWS

German finance minister criticizes US easing

By ASSOCIATED PRESS

NOVEMBER 5, 2010 13:15

BERLIN — Germany's finance minister has sharply criticized the US Federal Reserve's move to create new money and pump billions more into the financial system — arguing that it creates more problems for other countries.

Wolfgang Schaeuble told ARD television late Thursday: "I don't think the Americans will solve their problems with this and I think they are creating extra problems for the world."

Schaeuble says he hopes America can solve its problems quickly but the situation "can't be resolved with even more deficits." He noted that cutting deficits was the common policy of all industrial nations — including the US — at July's Group of 20 summit.

Schaeuble said Germany will address the issue with US officials and at next week's G-20 summit.

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