News / USA

G8 Summit Ends with Consensus on Eurozone Reforms

U.S. President Barack Obama, Germany's Chancellor Angela Merkel and French President Francois Hollande (L to R) face the media as the G8 leaders gather for a family photo at the G8 Summit at Camp David, Maryland, May 19, 2012
U.S. President Barack Obama, Germany's Chancellor Angela Merkel and French President Francois Hollande (L to R) face the media as the G8 leaders gather for a family photo at the G8 Summit at Camp David, Maryland, May 19, 2012
Kent Klein
WHITE HOUSE - U.S. President Barack Obama says the leaders of the world’s biggest economies are beginning to agree that more jobs and more growth will help reverse Europe’s economic crisis.  The president spoke Saturday at the end of the Group of Eight economic summit.
 
 After two days of talks at the Camp David presidential retreat outside Washington, Obama said the eight leaders acknowledge that budget cuts alone will not restore Europe’s economy.

“And there is now an emerging consensus that more must be done to promote growth and job creation right now, in the context of these fiscal and structural reforms,” the president said.

A statement from the G8 leaders called for a balance between growth and austerity to fight the economic woes.

Obama said the leaders discussed the need for the troubled European countries to continue shrinking their deficits while stimulating economic growth.

“Today we agreed that we must take steps to boost confidence and to promote growth and demand while getting our fiscal houses in order," he said. "We agreed upon the importance of a strong and cohesive Eurozone, and affirmed our interest in Greece staying in the Eurozone while respecting its commitments.”



Political impact

The decisions the leaders make could have political consequences.  

The main advocate of European austerity, German Chancellor Angela Merkel, recently saw her party defeated in a local election.

Former French President Nicolas Sarkozy, who also favored budget cuts, was voted out of office, in favor of Francois Hollande, who offered a pro-growth policy.

Many U.S. political analysts say a stagnant economy, blamed partly on Europe’s economic woes, is the biggest obstacle to Obama’s re-election in November.

“The leaders here understand the stakes," Obama noted.  "They know the magnitude of the choices they have to make, and the enormous political, economic and social costs if they do not.”

Iran

The G8 leaders also addressed the possibility of oil shortages when new sanctions against Iran’s oil exports take effect late next month.

“And in the face of increasing disruptions in the supply of oil, we agreed that we must closely monitor global energy markets," Obama said.  "Together, we stand ready to call upon the International Energy Agency to take action to ensure that the market remains fully and timely supplied.”

Africa

The president hosted a meeting of the G8 leaders and the leaders of Benin, Ethiopia, Ghana and Tanzania to help improve food security in Africa.

Obama said the G8 is committed to building on its 2009 initiative that led to $22 billion in government pledges.

The president said he and his G8 counterparts made progress on numerous other international issues.  Among them were Afghanistan, Syria and North Korea.

Most of the leaders have moved on to President Obama’s home city of Chicago for the NATO Summit.

You May Like

Australia Knights Prince Philip, Sparking National Outrage

Abbott's surprise reintroduction of knights and dames in the country's honors system last year drew criticism that he was out of touch with national sentiment More

SAG Award Boosts 'Birdman' Oscar Hopes

Individual acting Oscars appear to be sewn up: SAG awards went to artists who won Golden Globes: Julianne Moore, Eddie Redmayne, Patricia Arquette, J.K. Simmons More

Katy Perry Lights Way for Super Bowl's Girl Power Moment

Pop star's selection to headline US football championship's halftime show extends NFL's trend of selecting artists who appeal to younger viewers More

This forum has been closed.
Comment Sorting
Comments
     
by: TheBThing from: Melbourne, Australia
May 19, 2012 6:56 PM
It's not up to the G8, the People of Greece have already shown where they are going. The only alternative is a debt wipe and free paper currency thrown to the public, else the people will still be in pain.

The Euro has been a failure anyway. Time to return to unique nations and variety.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Zoo Animals Show Their Artistic Sidesi
X
June Soh
January 23, 2015 10:03 PM
The pursuit of happiness is so important, America's founding fathers put it in the Declaration of Independence. Any zookeeper will tell you animals need enrichment, just like humans do. So painting, and even music, are part of the Smithsonian National Zoo's program to keep the animals happy. VOA’s June Soh met some animal artists at the zoo in Washington. Faith Lapidus narrates.
Video

Video Zoo Animals Show Their Artistic Sides

The pursuit of happiness is so important, America's founding fathers put it in the Declaration of Independence. Any zookeeper will tell you animals need enrichment, just like humans do. So painting, and even music, are part of the Smithsonian National Zoo's program to keep the animals happy. VOA’s June Soh met some animal artists at the zoo in Washington. Faith Lapidus narrates.
Video

Video Progress, Some Areas of Disagreement in Cuba Talks

U.S. and Cuban officials are reporting progress from initial talks in Havana on re-establishing diplomatic ties. U.S. Assistant Secretary of State (for Western Hemisphere Affairs) Roberta Jacobson said while there was agreement on a broad range of issues, there also are some “profound disagreements” between Washington and Havana. VOA State Department correspondent Pam Dockins has the story.
Video

Video Worldwide Photo Workshops Empower Youth

Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday - commonly seen as a form of printing new money. Henry Ridgwell reports for VOA from London on whether the move might rescue the eurozone economy -- and what lessons have been learned from similar programs around the world.
Video

Video Nigerian Elections Pose Concern of Potential Conflict in 'Middle Belt'

Nigeria’s north-central state of Kaduna has long been the site of fighting between Muslims and Christians as well as between people of different ethnic groups. As the February elections approach, community and religious leaders are making plans they hope will keep the streets calm after results are announced. Chris Stein reports from the state capital, Kaduna.
Video

Video As Viewership Drops, Obama Puts His Message on YouTube

Ratings reports show President Obama’s State of the Union address this week drew the lowest number of viewers for this annual speech in 15 years. White House officials anticipated this, and the president has decided to take a non-traditional approach to getting his message out. VOA White House correspondent Luis Ramirez reports.
Video

Video S. Korean Businesses Want to End Trade Restrictions With North

Business leaders in South Korea are calling for President Park Geun-hye to ease trade restrictions with North Korea that were put in place in 2010 after the sinking of a South Korean warship.Pro-business groups argue that expanding trade and investment is not only good for business, it is also good for long-term regional peace and security. VOA’s Brian Padden reports.
Video

Video US Marching Bands Grow Into a Show of Their Own

The 2014 Super Bowl halftime show was the most-watched in history - attracting an estimated 115 million viewers. That event featured pop star Bruno Mars. But the halftime show tradition started with marching bands, which still dominate the entertainment at U.S. high school and college American football games. But as Enming Liu reports in this story narrated by Adrianna Zhang, marching bands have grown into a show of their own.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid