Papandreou is speaking in Washington. He warns of the European crisis could “metastasize” and cause another global economic crisis. A domino effect could drive up borrowing costs for others, he warns. He says the budget cuts alone are not enough to sustainable growth in Greece and that it is the interest of Europe as a whole to stand by Greece.
EUR/USD has pulled back below 1.3650 on Papandreou’s gloomy outlook.
