A failure by the U.S. to raise its debt limit would be “absolutely absurd” and risk the credibility of the most economically important nation in the world, Jean-Claude Trichet, former president of the European Central Bank, told CNBC on Wednesday.
When asked about the federal government shutdown, Trichet said it “signals enormous difficulty for the democracy of the United States.
“I hope very, very much that a solution will be found out. I think it’s essential, crucial, for the U.S. and very, very important for the global economy,” he told “Squawk on the Street.” “What would be totally absurd is that the debt ceiling would not be augmented in two weeks … because there we are playing with the credibility of the United States.”
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