Barclays' Maki: U.S. Growth Will Stall

Barclays chief U.S. economist Dean Maki, speaking at the Council on Foreign Relations, said insolvency--rather than illiquidity--is the greater concern for Europe, particularly Greece. The EU's bailout package is only a temporary measure that "kicks the can down the road" for Greece, allowing it and other fiscally shaky eurozone countries to roll over their sovereign debt until the European Central Bank steps in to buy it. But unlike in the United States, where the Federal Reserve became banks' sole financial backstop, the ECB will be hard-pressed to unify twenty-seven member countries, particularly Germany.

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• Barclays'
• Maki:
• Insolvency
• Europe's
• Main
• Concern