Business | Markets
US will emerge stronger from fiscal crisis, Rice says
US Secretary of State Condoleezza Rice said on Friday the United States would emerge stronger from the financial crisis and there had been no talk of cutting aid programmes due to a lack of funds.
- Reuters
- Published: 00:02 September 28, 2008
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New York: US Secretary of State Condoleezza Rice said on Friday the United States would emerge stronger from the financial crisis and there had been no talk of cutting aid programmes due to a lack of funds.
In an interview, Rice rejected the view the United States would lose its financial superpower status and said her ability to "do diplomacy" had not been affected by the banking and credit crisis that has sent markets plummeting worldwide.
"This is a financial crisis, but the United States has very strong economic fundamentals, including the most productive workforce in the world, the most innovative workforce in the world," Rice said.
Criticism of the United States over the financial crisis has predictably come from foes such as Bolivian President Evo Morales, but allies France and Germany have also raised uncomfortable questions over who is to blame and the long-term impact for America's power.
French President Nicolas Sarkozy called for those responsible to be punished and German Finance Minister Peer Steinbrueck, blaming the crisis on a blind drive for higher profits, predicted the United States would lose its financial superpower status. "I think this will - the United States will emerge and emerge as strong as ever, probably stronger, because this is a financial crisis that needed to be worked through," said Rice.
She dismissed Morales' comments that there was an uprising against the capitalist system.
"Frankly, I wouldn't accept the economic judgment of Evo Morales. I think he's got his own problems with Bolivia right now," she said.
Aid organiSations are concerned one of the casualties of a giant bailout will be a substantial dip in funding for aid programmes across the world.
"I don't think there's been any discussion of that at this point," said Rice when asked whether there were plans to trim aid budgets.
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