SEOUL — For global
leaders, the political crisis that has
shut down Washington represents the most
vexing kind of problem, one that they have virtually no means to stem but that
could soon wreak economic havoc on their own shores.
If a divided Congress
does not raise the federal debt ceiling in the coming weeks, the U.S.
government — the world’s largest borrower — would suddenly be unable to pay its
bills, a failure that would stagger markets from Tokyo to London and
potentially drive the global economy into recession.Some in Europe and Asia say
they are stunned at the quixotic partisan fervor shaking global economic
pillar.
U.S. decision to cut aid comes three months after military coup to
oust democratically elected president.
Secretary apologizes
for Obama’s absence at ASEAN’s annual session, meets with Chinese premier.
That default scenario
is bringing increasingly urgent pleas from foreign leaders, some who describe
their grave concern, others who chide the United States about the risks of
political brinksmanship, beg its leaders to act responsibly and wonder whether
the world’s superpower is showing some cracks.
“This is highly
important for all of us,” Russian President Vladimir Putin said this week. “I
am hopeful that all the political forces in the United States will be able to
resolve this crisis as quickly as possible.”
Although the mood
from afar hasn’t turned to panic, some in Europe and Asia say they are utterly
stunned by the quixotic partisan fervor shaking the pillar of the global
economy.
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