G8 leaders prepare for summit amid deepening eurozone crisis
Source: Agencies |
May 19, 2012, Saturday
|
Print Edition
Print Edition
LEADERS of major industrial economies meet this weekend to try to head off a full-blown crisis in Europe where fears are growing that Greece could leave the eurozone bloc, threatening the future of the common currency.
United States President Barack Obama, the G8 host, has urged European leaders repeatedly to do more to stimulate growth, fearing contagion from the euro crisis that could hurt the US economy and his chances of re-election in November.
British Prime Minister David Cameron, who has been increasingly vocal in urging Europe to do more to resolve the debt woes, will tell leaders they must work together to stop the region's economic crisis from spreading, an aide said.
No economic policy decisions are expected from the talks but officials said Obama hopes to promote a discussion on a comprehensive approach to resolving the crisis.
He will seek to cement a bond with France's new leader at the White House yesterday before heading to Camp David for the talks.
Francois Hollande, sworn in this week as French president, has already made waves by challenging Europe's austerity focus and saying he will pull French combat troops from Afghanistan by the end of this year.
Obama, 50, may use their introductory meeting in the Oval Office to encourage the 57-year-old Socialist to rethink his Afghanistan plans that put France on an earlier exit timetable than other NATO allies. But the two leaders, who have both expressed support for pro-growth policies in Europe, are expected to form a common front on the eurozone crisis that could dominate this weekend's Group of Eight talks.
The G8 summit comes as Greeks are pulling cash from banks amid growing fears that it might crash out of the single currency eurozone, and financial markets have turned fearful about the prospects of a full-blown euro crisis.
Heather Conley, a senior fellow at the Center for Strategic and International Studies, said Hollande and Obama "see things very similarly about the need for a better balance between fiscal consolidation, austerity and economic growth."
That could put pressure on German Chancellor Angela Merkel, who has stressed the need for fiscal discipline to get the eurozone finances back on track even as voters have toppled belt-tightening governments.
The White House moved the summit to the Maryland retreat from Chicago in part to give the meeting a more informal flavor, as well as to escape the possibility of protests when Russian President Vladimir Putin was slated to attend.
His prime minister, Dmitri Medvedev, will be there instead, along with G8 first-timers Hollande, Mario Monti of Italy and Yoshihiko Noda of Japan, as well as Cameron and Canada's Stephen Harper, plus Merkel and Obama.
United States President Barack Obama, the G8 host, has urged European leaders repeatedly to do more to stimulate growth, fearing contagion from the euro crisis that could hurt the US economy and his chances of re-election in November.
British Prime Minister David Cameron, who has been increasingly vocal in urging Europe to do more to resolve the debt woes, will tell leaders they must work together to stop the region's economic crisis from spreading, an aide said.
No economic policy decisions are expected from the talks but officials said Obama hopes to promote a discussion on a comprehensive approach to resolving the crisis.
He will seek to cement a bond with France's new leader at the White House yesterday before heading to Camp David for the talks.
Francois Hollande, sworn in this week as French president, has already made waves by challenging Europe's austerity focus and saying he will pull French combat troops from Afghanistan by the end of this year.
Obama, 50, may use their introductory meeting in the Oval Office to encourage the 57-year-old Socialist to rethink his Afghanistan plans that put France on an earlier exit timetable than other NATO allies. But the two leaders, who have both expressed support for pro-growth policies in Europe, are expected to form a common front on the eurozone crisis that could dominate this weekend's Group of Eight talks.
The G8 summit comes as Greeks are pulling cash from banks amid growing fears that it might crash out of the single currency eurozone, and financial markets have turned fearful about the prospects of a full-blown euro crisis.
Heather Conley, a senior fellow at the Center for Strategic and International Studies, said Hollande and Obama "see things very similarly about the need for a better balance between fiscal consolidation, austerity and economic growth."
That could put pressure on German Chancellor Angela Merkel, who has stressed the need for fiscal discipline to get the eurozone finances back on track even as voters have toppled belt-tightening governments.
The White House moved the summit to the Maryland retreat from Chicago in part to give the meeting a more informal flavor, as well as to escape the possibility of protests when Russian President Vladimir Putin was slated to attend.
His prime minister, Dmitri Medvedev, will be there instead, along with G8 first-timers Hollande, Mario Monti of Italy and Yoshihiko Noda of Japan, as well as Cameron and Canada's Stephen Harper, plus Merkel and Obama.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
