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Election 2012: 25 Biggest Issues

12 of 27

European Economic Crisis

Europe is struggling to control a debt crisis, save the euro currency and stop a repeat of the 2008 financial crisis that sent the world into recession.

Europe's troubles are the No. 1 threat to the U.S. economy. The biggest fear is that the 17-country eurozone will split, causing a financial crisis that will spread across the Atlantic, freeze credit and send the U.S. economy back into recession.

Neither Obama nor Romney has offered plans for Europe. The U.S. government lacks the cash and the will to rescue European countries struggling with huge government debts.

Obama has urged Europe to act more decisively. Romney warns that the United States will face its own day of reckoning if it can't reduce the federal debt. Many economists call for eurozone countries to assume joint responsibility for the weakest countries' debts through eurobonds; Germany has balked at the idea.

(AP Photo)



Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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