News / USA

Europe's Economic Woes Shadow G8 Summit

Kent Klein
Euro Economic Woes Shadow G8 Summiti
|| 0:00:00
X
May 16, 2012 12:46 AM
The leaders of the Group of Eight major economies plan to address Africa’s food security when they meet at a mountain retreat near Washington this week. But as VOA’s Kent Klein reports, Europe’s economic crisis will demand much of the group’s attention
The leaders of the Group of Eight major economies plan to address Africa's food security when they meet at a mountain retreat near Washington, DC this week.  But, Europe's economic situation will demand much of the group's attention.
 
The European debt crisis, and its possible effects on the world economy, will be on the minds of the G8 leaders when they meet at the Camp David presidential retreat in Maryland.

French President Francois Hollande will be among the new leaders attending their first G8 meeting.  He will visit President Barack Obama at the White House before the summit.  Mr. Hollande replaces Nicolas Sarkozy, who was voted out of office after embracing unpopular austerity measures.

Few analysts expect the G8 leaders to support a major change in Europe's economic approach.

But with Greece's continued euro zone membership in jeopardy, Simon Johnson of the Washington-based Peterson Institute for International Economics says the G8 should address a bigger question.

"Well, hopefully, it's all on the table," said Johnson. "Hopefully, the Americans and the others will be pressing the Europeans to rethink the structure of the euro zone and to come up with something that is much more sustainable, for example, a more unified fiscal entity."

President Obama repeatedly has expressed confidence that Europe's leaders can solve the problem, and has been reluctant to commit U.S. money to a European bailout.

Economist Simon Johnson says that if Europe cannot avert a deeper crisis, Mr. Obama might not win reelection in November.

"The American economy looks somewhat precarious," he said. "The recovery is stuttering.  If there is a major sovereign debt disaster and/or financial market calamity in Europe, that cannot be good for President Obama's reelection prospects."

One G8 leader will be absent from Camp David.  Recently-inaugurated Russian President Vladimir Putin says he has business to attend to at the Kremlin.  Prime Minister and former president Dmitry Medvedev will attend in his place.

One of the main agenda items at the G8 Summit will be food security in Africa.  President Obama is expected to announce a new plan to improve agricultural development on the continent.  He has invited the leaders of Benin, Ethiopia, Ghana and Tanzania to Camp David to discuss the issue.

Kristin Wedding of Global Food Security Project at the Washington-based Center for Strategic and International Studies says Mr. Obama is putting a spotlight on the issue.

"Food security has been really a cornerstone of President Obama's foreign policy agenda," said Wedding. "And by bringing over the four African leaders, he is really wanting to highlight the investments the United States has made in Africa, and the successes we have already seen."

The Obama administration made a three-year, $3.5 billion commitment in 2009 to long-term global food security and agricultural development.

Kristin Wedding expects the president to press for continued commitments from other G8 members, and for new donors to contribute.

"These are really long-term investments that are needed," she said. "So instead of just providing short food aid when there is a famine, these efforts are really intended to improve long-term food security."

Several of the G8 leaders will go directly from Camp David to Chicago for the NATO Summit.  The G8 summit initially was planned to be held in Chicago, but Mr. Obama moved it to Camp David, a more remote location that is less accessible to protesters.  

The G8 nations are Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.

You May Like

Uganda Court Annuls Anti-Gay Law

Court says law was passed in parliament without enough members present for a full quorum More

Multimedia Thailand Makes Efforts to Improve Conditions for Migrant Laborers

In Thailand, its not uncommon for parents to bring their children to work; one company, in-collaboration with other organizations, address safety concerns More

In Indonesia, Jihad Video Raises Concern

Video calls on Indonesians to join Islamic State of Iraq and the Levant, ISIL More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
In Thailand, Some Efforts to Improve Conditions For Migrant Laborersi
X
Steve Herman
August 01, 2014 6:22 PM
Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video In Thailand, Some Efforts to Improve Conditions For Migrant Laborers

Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video Public Raises its Voice on Power Plant Pollution

In the United States, proposed rules to cut pollution from the nation’s 600 coal-fired power plants are generating a heated debate. The U.S. Environmental Protection Agency, charged with writing and implementing the plan, has already received 300,000 written comments. As VOA’s Rosanne Skirble reports, another 1,600 people are lining up this week at EPA headquarters and at satellite offices around the country to give their testimony in person.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video China Investigates Powerful Former Security Chief

The public in China is welcoming the Communist Party's decision to investigate one of the country's once most powerful politicians, former domestic security chief Zhou Yongkang. Analysts say the move by President Xi Jinping is not only an effort to win more support for the party, but an essential step to furthering much needed economic reforms and removing those who would stand in the way of change. VOA's Bill Ide has more from Beijing.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.

AppleAndroid