What happens across the Atlantic with Europe’s troubled economies could rain down political thunderclaps across the United States. If Europe tanks, it could take the fragile American economy with it, undermining President Barack Obama’s re-election hopes and giving Republicans more opportunity to attack him.
The outcome of U.S. elections may depend in part on the ability of German Chancellor Angela Merkel and French President Nicolas Sarkozy, leaders of the continent’s two biggest economies, to find a long-term fix for Europe’s debt woes.
Despite some progress, European politicians haven’t found a way to stop the economic misery from infecting other nations that share the euro as their currency. They will try again at a European Union summit Jan. 30.