News / Europe

Eurozone Crisis Expected to Dominate G20 Summit

Eurozone Crisis Expected to Dominate G20i
|| 0:00:00
X
Kent Klein
June 13, 2012 11:11 AM
Much of President Barack Obama’s attention at next week’s Group of 20 economic summit in Mexico may be focused on trying to help Europe solve its money problems. As VOA’s Kent Klein reports from the White House, Obama’s re-election may depend on it.

Eurozone Crisis Expected to Dominate G20

Kent Klein
WHITE HOUSE - Much of President Barack Obama’s attention at next week’s Group of 20 economic summit in Mexico's Pacific resort of Los Cabos may be focused on trying to help Europe solve its money problems. Some analysts say Obama’s re-election may depend on it.

“The Eurozone crisis is going to be the first and second leading agenda item when it comes to Los Cabos,” said Stewart Patrick, a senior fellow at the Council on Foreign Relations.

Greece

Sunday’s parliamentary election in Greece could add urgency to efforts to resolve the crisis.  Greek voters will decide between candidates who support the austerity measures that come with a European bailout and those who want to scrap the agreement, possibly driving Greece out of the Eurozone.

(Click to Expand)(Click to Expand)
x
(Click to Expand)
(Click to Expand)
The Obama administration is hoping that European leaders at the summit can announce the outline of a response to the debt and banking crisis.  They also hope the plan will include less austerity and more efforts to encourage growth and stabilize Europe’s financial system.

“And part of that is taking clear action as soon as possible to inject capital into weak banks," the president said. "Just as important, leaders can lay out a framework and a vision for a stronger Eurozone, including deeper collaboration on budgets and banking policy.”

Beyond Europe

Analyst Stewart Patrick says a Eurozone collapse could have effects far beyond Europe.

“There is also a fear that this will help drag down the global economy at a time when some of the major emerging markets, including China but also India, are beginning to falter a little bit in being engines of economic growth,” he said.

Europe is America’s largest trading partner, and failure to put its economy back on track would likely cause trouble for the U.S. economy, which could doom Obama's re-election bid.

US-Russia

While in Los Cabos, the president will have a closely-watched meeting with Russian President Vladimir Putin.

They may discuss Russian opposition to sanctions against Iran and Syria, and Moscow’s suspicion of U.S. plans for a missile defense system in Europe.

But author David Satter, a senior fellow at the Hudson Institute, does not expect progress.

“Those objectives are very unlikely to be achieved at this summit, because the Russian side has no interest in reaching agreements on these issues,” Satter said.

But a majority of the G20 leaders do have an interest in resolving the world's economic problems. They hope to start by convincing the Europeans to resolve their problems first.

You May Like

UN Watchdog Urges Israel to Probe Possible Gaza War Crimes

More than 2,100 Palestinians, most of them civilians, were killed in a 51-day war in Gaza, along with 67 Israeli soldiers and six civilians in Israel More

New Kenyan 'Thin SIMs' Poised to Transform African Mobile Money

Equity's new technology is approved in African nation for one-year trial, though industry leader Safaricom says thin SIMs could lead to data theft and fraud More

Solar's Future Looks Brighter

New technology and dropping prices are contributing to a surge in solar power More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Talks to Resume on Winter Gas for Ukrainei
X
Al Pessin
October 25, 2014 4:21 PM
Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Talks to Resume on Winter Gas for Ukraine

Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.

All About America

AppleAndroid