Obama and the US join the Greek chorus

The US usually stays out of European monetary affairs, so why has the president decided to weigh in on Greece’s stance on austerity, writes Ashoka Mody.

US PRESIDENT Barack Obama’s recent call to ease the austerity imposed on Greece is remarkable — and not only for his endorsement of the newly elected Greek government’s negotiating position in the face of its official creditors.

Obama’s comments represent a break with the long-standing tradition of official American silence on European monetary affairs. While scholars in the US have frequently denounced the policies of Europe’s monetary union, their government has looked the other way.