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12:55 GMT
30
Sep 2008

European Commission Official Says U.S. Has “Special Responsibility” To Pass Bailout

(RTTNews) - The United States was the subject of some unusually harsh criticism from the European Commission Tuesday, as global markets were hammered following the failure of the House of Representatives to pass a $700 billion financial rescue plan.

In an effort to keep exhausted credit markets functioning, the Bank of England injected $10 billion and the European Central Bank injected $30 billion early Tuesday morning.

Criticism from European Commission spokesperson Johannes Laitenberger came on the heels of the surprise failure. Calling the failure of the House to act “disappointing,” Laitenberger said at a news conference that the U.S. has a “special responsibility” to work to mitigate losses in the current global turmoil.

“The turmoil that we are facing has originated in the United States,” Laitenberger said. “It has become a global problem.”

“The U.S. has a special responsibility in this situation … We expect that the decision will go through soon,” he added.

In a prepared statement Laitenberger was still pointed, but less harsh.

“The U.S. must take its responsibility in this situation, must show statesmanship for the sake of their own country and for the sake of the world,” he said in the statement.

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