Obama denies telling G7 counterparts that 'the strong dollar posed a problem'

superbeets · Jun 8, 2015

Obama denies telling G7 counterparts that 'the strong dollar posed a problem'

President Barack Obama flatly denies he told a G7 summit that he worried about the impact of a strong dollar

'Don't believe unnamed quotes,' he cautioned, responding to an unnamed French official who leaked the tidbit to reporters

An unnamed White House official had quickly leapt up to sternly deny the account

The global economy faces new pressures as Greece grapples with crushing debts

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superbeets · Jun 8, 2015

President Barack Obama said on Monday that he never told his G7 meeting counterparts that the strong U.S. dollar posed a 'problem' for the United States.
Having a strong currency typically weighs on the competitiveness of a country's industries and exports.
Speaking to reporters after the G7 summit, Obama denied a report by an unidentified French official that he had voiced concern about the strength of the dollar during a discussion of the world economy.
'First of all,' he said, 'don't believe unnamed quotes. I did not say that. And I make a practice of not commenting on the daily fluctuations of the dollar or any other currency.'

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NEVER HAPPENED: Obama said Monday that he never expressed worry during the G7 summit about the impact of a strong US dollar

The Group of Seven industrialised democracies met in Germany.
A U.S. official was quick to issue a similar denial late Sunday, following a report from Agence France-Presse that cited the French diplomat.
Like the French official Obama criticized, the American official offered reporters an unnamed quote.
'The president did not state that the strong dollar was a problem,' the official said.
'He made a point that he has made previously a number of times: that global demand is too weak and that G7 countries need to use all policy instruments, including fiscal policy as well as structural reforms and monetary policy, to promote growth.'

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superbeets · Jun 8, 2015

Concerns about the fragile global economy dominated part of the G7 talks, amid mounting fears over the turmoil caused by Greece's massive debts.
'The Greeks are going to have to follow through and make some tough political choices that will be good for them long-term,' Obama said Monday.
At the same time, he added, international lenders should 'recognise the extraordinary challenges' Greece faces and be more flexible in their loan terms in order to strike a deal with Athens.
The United States has long called on European leaders to resolve the Greek situation as quickly as possible, given the negative impact it is already having on a shaky global economy.
Greece's radical-left government and its creditors have been negotiating for five months on reforms needed to unlock $8 billion in rescue funds that the country desperately needs in order to stave off a national default and a financial panic.

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