Europe balks

04/1/2009 |

All eyes are on President Barack Obama on the eve of the Group of 20 summit in London. Yet even other Western leaders -- from Russian President Dmitry Medvedev to Germany's Angela Merkel and French President Nicolas Sarkozy -- appear unwilling to follow the lead of the U.S. To Yale management professor Jeffrey Garten, it's a paradox. "Everyone has lost confidence in the U.S. system because the more that is revealed, the more it feels as if we pursued capitalism in a very irresponsible way," he says. "But everyone is now waiting for the U.S. to bail them out."

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