Clinton: Romney adopted 'Europe's economic policies'

Former President Bill ClintonWilliam (Bill) Jefferson ClintonBiden needs to be both Mr. Inside and Mr. Outside Republican spin on Biden is off the mark Bill Clinton shares video update after release from hospital MORE on Monday accused Republican presidential nominee Mitt Romney and the Republican Congress of having "adopted Europe's economic policies" of austerity.

Speaking at a New York fundraiser for President Obama, Clinton said Obama has the "right" economic policy to promote job growth and long-term budget restraint.

But he said Republicans' economic policy is "austerity and unemployment now, and then a long-term budget that would explode the debt when the economy recovers so the interest rates would be so high, nobody would be able to do anything."

The comments come as European countries attempt to resolve the Euro crisis that has plagued the markets in recent weeks.

The former president — speaking at the home of a hedge fund manager — added that "the politics is wrong on the Republican side, the economics are crazy."

Clinton said Romney would be "calamitous" for the country and the world. Obama, he said, has good politics, he's got a good record, he's made the best of a very challenging situation, he deserves to be reelected."