News / Economy

Obama, Italy's PM Discuss Economic Issues

Obama, Italy's PM Discuss Economic Issuesi
October 18, 2013 4:42 AM
U.S. President Barack Obama met at the White House Thursday with Italy's prime minister, Enrico Letta, whose country is also experiencing economic turmoil.
VOA News
U.S. President Barack Obama met at the White House Thursday with Italy's prime minister, Enrico Letta, whose country is also experiencing economic turmoil.

Prime Minister Letta congratulated Obama for the United States' avoiding a debt default.

"First of all, I congratulated President Obama, for yesterday’s success is his success, but it is also our success, because yesterday’s decision was very important for the stability in the markets in the world, in Europe and in Italy, first of all.  We need stability because we have such a big debt, so we need to have low interest rates," said Prime Minister Letta.

Letta said the decision by the U.S. Congress to reopen the government and raise the debt ceiling is important for stability in world markets, including Italy, which is wrestling with its own massive debt.

Letta's government recently unveiled a package of new taxes and spending cuts.  The prime minister said Thursday that austerity without growth is a big problem.  President Obama congratulated Letta for winning a vote of confidence in parliament, saying it is clear Italy is moving in the right direction in stabilizing and reforming its finances.

"I want to congratulate him on having won a vote of confidence and passing a budget. I think it’s clear that Italy is moving in the right direction in stabilizing its finances and embarking on reforms that will make it more competitive. And we spent a lot of our time discussing the importance of European growth, that with high unemployment - particularly youth unemployment - and the challenges that have been created since 2008, as well as the challenges within the eurozone, I think it’s important for all of us to coordinate.  And the United States obviously is not part of Europe, but we have a great interest in Europe because if Europe is doing well, that means that we’re doing well also," said President Obama.

Obama also spoke of what he says is the importance of economic coordination between the United States and the eurozone - still struggling to fully recover from the 2008 recession.

Additionally, the two discussed Syria, Libya, and the problem of migrants trying to escape northern Africa for Europe across the Mediterranean Sea - with at times deadly results.  Letta said the Mediterranean must not turn into a death sea.

You May Like

800-Pound Man Determined to Slim Down

Man says he was kicked out of hospital for ordering pizza; wants to be an actor More

Australia Prepares to Resettle 12,000 Syrian Refugees

Preference will be given to refugees from persecuted minorities, and the first group is expected to arrive before late December More

S. African Miners Seek Class Action Suit Against Gold Mines

The estimated 100,000 say say they contracted the lung diseases silicosis and tuberculosis in the mines More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Amnesty Accuses Saudi Coalition of ‘War Crimes’ in Yemeni
Henry Ridgwell
October 12, 2015 4:03 PM
The human rights group Amnesty International has accused the Saudi-led coalition of war crimes in airstrikes against Houthi rebels in Yemen. Henry Ridgwell reports the group says hundreds of civilians have been killed in strikes on residential areas.

Video Amnesty Accuses Saudi Coalition of ‘War Crimes’ in Yemen

The human rights group Amnesty International has accused the Saudi-led coalition of war crimes in airstrikes against Houthi rebels in Yemen. Henry Ridgwell reports the group says hundreds of civilians have been killed in strikes on residential areas.

Video No Resolution in Sight to US House Speaker Drama

Uncertainty grips the U.S. Congress, where no consensus replacement has emerged to succeed Republican House Speaker John Boehner after his surprise resignation announcement. Half of Congress is effectively leaderless weeks before America risks defaulting on its national debt and enduring another partial government shutdown.

Video New Art Exhibit Focuses on Hope

Out of struggle and despair often comes hope. That idea is behind a new art exhibit at the American Visionary Art Museum in Baltimore, Maryland. "The Big Hope Show" features 25 artists, some of whom overcame trauma and loss. VOA’s Deborah Block reports.

Video Columbus Day Still Generates Controversy as US Holiday

The second Monday of October is Columbus Day in the United States, honoring explorer Christopher Columbus and his discovery of the Americas. The achievement is a source of pride for many, but for some the holiday is marked by controversy. Adrianna Zhang has more.

Video Anger Simmers as Turks Begin to Bury Blast Victims

The Turkish army carried out new air strikes on Kurdistan Workers Party (PKK) targets on Sunday, a day after the banned group announced a unilateral cease fire. The air raids apparently are in retaliation for the Saturday bombing in Turkey's capital Ankara that killed at least 95 people and wounded more than 200 others. But as Zlatica Hoke reports, there are suspicions that Islamic State is involved.

Video Bombings a Sign of Turkey’s Deep Troubles

Turkey has begun a three-day period of mourning following Saturday’s bomb attacks in the capital, Ankara, that killed nearly 100 people. With contentious parliamentary elections three weeks away, the attacks highlight the challenges Turkey is facing as it struggles with ethnic friction, an ongoing migrant crisis, and growing tensions with Russia. VOA Europe correspondent Luis Ramirez reports.

Video Afghanistan’s Progress Aided by US Academic Center

Recent combat in Afghanistan has shifted world attention back to the central Asian nation’s continuing civil war and economic challenges. But, while there are many vexing problems facing Afghanistan’s government and people, a group of academics in Omaha, Nebraska has kept a strong faith in the nation’s future through programs to improve education. VOA’s Greg Flakus has more from Omaha, Nebraska.

Video House Republicans in Chaos as Speaker Favorite Withdraws

The Republican widely expected to become the next speaker of the House of Representatives shocked his colleagues Thursday by announcing he was withdrawing his candidacy. The decision by Majority Leader Kevin McCarthy means the race to succeed retiring Speaker John Boehner is now wide open. VOA National Correspondent Jim Malone reports.

Video German, US Officials Investigate Volkswagen

German officials have taken steps to restore some of the reputation their car industry has lost after a recent Volkswagen diesel emissions scandal. Authorities have searched Volkswagen headquarters and other locations in an effort to identify the culprits in the creation of software that helps cheat on emission tests. Meanwhile, a group of lawmakers in Washington held a hearing to get to the bottom of the cheating strategy that was first discovered in the United States. Zlatica Hoke reports.

Video Why Are Gun Laws So Hard for Congress to Tackle?

Since taking office, President Barack Obama has spoken out or issued statements about 15 mass shootings. The most recent shooting, in which 10 people were killed at a community college, sparked outrage over the nation's gun laws. But changing those laws isn't as easy as many think. VOA's Carolyn Presutti reports.

Video In 'He Named Me Malala,' Guggenheim Finds Normal in Extraordinary

Davis Guggenheim’s documentary "He Named Me Malala" offers a probing look into the life of 18-year-old Malala Yousafsai, the Pakistani teenager who, in 2012, was shot in the head by the Taliban for standing up for her right to education in her hometown in Pakistan's Swat Valley. Guggenheim shows how, since then, Malala has become a symbol not as a victim of brutal violence, but as an advocate for girls’ education throughout the world. VOA’s Penelope Poulou has more.

Video Paintable Solar Cells May Someday Replace Silicon-Based Panels

Solar panels today are still factory-manufactured, with the use of some highly toxic substances such as cadmium chloride. But a researcher at St. Mary’s College, Maryland, says we are close to being able to create solar panels by painting them on a suitable surface, using nontoxic solutions. VOA’s George Putic reports.

VOA Blogs

World Currencies


Rates may not be current.