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The Last Presidential Debate Was a Reminder the US Can’t End Europe’s Woes, But it Must Sort Out Its Own

Almost 60m Americans sat down on Monday night to watch the presidential debate on foreign policy.

by Richard Blackden, US Business Editor

The carnage in Syria, the attack on a US consulate in Libya and Iran’s nuclear ambitions all came up. Each candidate, though, steered the conversation back to the economy whenever they could.

But the debate failed to mention the region in the world that has been the biggest drag on US growth for the last two years. During 90 minutes of televised sparring, neither President Barack Obama or Mitt Romney, the Republican challenger, brought up Europe’s debt crisis.

This glaring omission suggests neither candidate knows what is troubling some of America’s biggest companies. These are the same companies both men are pushing to invest the almost $2trillion (£1.2 trillion) of cash corporate America currently has sitting in Treasury bonds or is spending on share buybacks.

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