Political squabbling took America to the brink of a government shutdown. While the issue was resolved at the last minute, it damaged America’s reputation as a safe haven in times of financial crisis. But what is worse is that the US seems to be learning some bad financial lessons from Europe.

<i>The American government ran out of money in October. Default was averted at the 11th hour by a deal which allowed the Obama administration to raise the debt ceiling and buy time until February 2014. The markets’ behaviour shows that an American default was and is not regarded as likely. But America’s reputation as a safe harbour in turbulent times has been damaged. Another crisis could h...

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Professor Enrico Colombatto
A last-minute deal was reached mainly because the Republican opposition realised that the vast majority of public opinion feared a shutdown would damage America’s current economic recovery
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