Obama says Europe’s debt crisis is ‘scaring the world’

US President Barack Obama says the financial crisis rippling through Europe is “scaring the world” and that steps taken by European nations to stem the eurozone debt problem “haven’t been as quick as they need to be.”

Speaking at a town hall hosted by LinkedIn, Obama said Europe never fully healed from the financial crisis in 2007. He said Europe’s troubles have spilled beyond the continent and are affecting the US economy as well.

Eurozone officials are working on ways to magnify the financial firepower of the eurozone’s rescue fund to fight a sovereign debt crisis more effectively, a senior European Central Bank policymaker said yesterday.