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Zoellick: Europe doing too little too late in crisis

By REUTERS

JUNE 17, 2012 14:48

BERLIN - European leaders dealing with the sovereign debt crisis have done too little, too late, outgoing World Bank chief Robert Zoellick said, warning that Europe risks losing influence and developing nations now face increasing market uncertainty.

In interviews with European publications this weekend, Zoellick urged Europe to act quickly. He spoke on the eve of an election in Greece on Sunday that has financial markets on a knife-edge.

"European politicians always act a day late and promise one euro too little. Then, when it gets tight, they add new liquidity," Zoellick told Germany's Der Spiegel magazine in an interview published on Sunday.

While that bought time, it did little to address the euro zone's structural problems, Zoellick said.

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