French Foreign Minister Laurent Fabius on Tuesday hit back at comments by US President Barack Obama about the threat of the European debt crisis, saying it had originated in the United States.

“The crisis did not start in Europe… Lehman Brothers was not a European bank,” Fabius said after talks with his counterpart Giulio Terzi in Rome.

“We should not shift responsibility. We’re all in the same boat,” he said.

Obama said Saturday that Europe’s economic woes were causing trouble for the United States’ own economy, after the US unemployment rate rose for the first time in almost a year, spelling trouble for his reelection bid.

Continue reading on www.eubusiness.com