News / USA

G8 Leaders Vow to Promote Economic Growth

World leaders attend the family photo session during the G8 Summit at Camp David, Maryland, May 19, 2012.World leaders attend the family photo session during the G8 Summit at Camp David, Maryland, May 19, 2012.
x
World leaders attend the family photo session during the G8 Summit at Camp David, Maryland, May 19, 2012.
World leaders attend the family photo session during the G8 Summit at Camp David, Maryland, May 19, 2012.
VOA News
Leaders of the G8 highly industrialized countries say promoting growth and jobs is their "imperative" as they seek to reinvigorate their economies in the face of the European debt crisis.

In a statement Saturday, the Group of Eight leaders also expressed their desire for Greece to remain in the eurozone and respect its commitments. The debt-ridden nation could abandon the euro to escape austerity measures, or be forced out if it fails to meet its obligations.

The G8 leaders focused on Europe's economic turmoil Saturday as they met at the Camp David presidential retreat near Washington for the second day of their annual summit.

In their formal statement, the participants said they commit to take "all necessary steps" to strengthen their economies and combat financial stresses.

German Chancellor Angela Merkel, whose nation has pushed stiff austerity measures for deeply indebted countries like Greece, said all the leaders agreed that fiscal discipline must be balanced with efforts to encourage growth.

"We completely agreed that we need both - fiscal discipline, restructuring of our budgets and at the same time all efforts for growth," said Merkel.  "The two determine each other, that means it is important to work on both tracks. All participants made this clear here today and we think that is significant progress."

  • Security personnel watch as the airplane carrying French President Francois Hollande and his companion Valerie Trierweiler arrives for the G-8 Summit at Dulles International Airport in Chantilly May 18, 2012.
  • An American Honor Guard greets the French Delegation as their plane arrives at Dulles International Airport.
  • French President Francois Hollande and his companion Valerie Trierweiler arrive for the G-8 Summit at Dulles International Airport.
  • Italian Prime Minister Mario Monti, left, walks to a motorcade upon his arrival at Dulles International Airport.
  • Oxfam activist wearing masks depicting G-8 world leaders participate in a demonstration outside the White House in Washington, May 17, 2012.
  • Jim Stull, 78, a life long resident of Thurmont, Maryland, places American flags along an exit ramp that will be traveled by dignitaries motorcading to Camp David for the G-8 Summit.

Pro-growth

Before the conference opened, U.S. President Barack Obama said he would press his fellow G8 leaders (from Britain, Germany, France, Italy, Japan, Canada and Russia) to give more weight to pro-growth measures as they combat the mounting debt that has threatened the stability of the eurozone.

"All of us are absolutely committed to making sure that both growth and stability, and fiscal consolidation, are part of [an] overall package that all of us have to pursue in order to achieve the kind of prosperity for our citizens that we're looking for," said Obama.

President Obama said the participants would also talk about uncertainty in the energy markets and developments in the Middle East, North Africa and Afghanistan.

Obama said Friday's dinner talks gave the officials a chance to discuss core issues affecting their nations' common security, including Iran, Syria and North Korea.

Iran

Regarding Iran's nuclear program, Obama said the G8 is firmly committed to continuing with the approach of sanctions and pressure in combination with diplomatic discussions.

"I want to say that we are unified when it comes to our approach with Iran," said Obama.  "I think all of us agree that Iran has the right to peaceful nuclear power, but that its continuing violations of international rules and norms and its inability thus far to convince the world community that it's not pursuing the weaponization of nuclear power is something of grave concern to all of us."

Syria

Regarding the ongoing violence in Syria, he said the eight world powers support the peace plan brokered by international envoy and former U.N. chief Kofi Annan, but want to see the situation improve more quickly.

"We all believe that a peaceful resolution and political transition in Syria is preferable," Obama noted.  "We are all deeply concerned about the violence that's taking place there and the loss of life. We are supportive of the Annan plan, but we agreed, and I expect this will be reflected in our communique, that the Annan plan has to be fully implemented and that a political process has to move forward in a more timely fashion to resolve that issue."

North Korea

The leaders also discussed North Korea, with Obama saying they all agree the North Koreans are violating their international obligations and that they will not be able to rejoin the international community if they continue with the "provocative actions" he said they have shown over the last several months.

Other topics of discussion included Burma's political transformation and the issue of women's empowerment.

President Obama described the conversation as "fruitful," "frank" and "useful" and said it gives him great optimism about the G8's ability to meet these challenges.

The Camp David summit is part of four days of diplomacy for President Obama who departs, late Saturday, to a NATO summit in Chicago. NATO officials will focus on the war in Afghanistan.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership 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.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid