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

    Russian Censorship Group Seeks Chinese Help to Better Control Internet

    At recent Safe Internet League forum in Moscow, speakers from both nations underscored desire for authorities to further limit and control information online

    First Human Head Transplant Planned for 2017

    Italian neurosurgeon, assisted by team of 100 medical staff, to perform 36-hour surgery on Russian man with debilitating muscle-wasting disease

    Biden Urges Global Focus on Cancer as a 'Constant Emergency'

    At Vatican conference on regenerative medicine, Vice president notes that cancer kills more than 3,000 people each day in US alone

    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.
    Turkish Kurd Islamist Rally Stokes Tensionsi
    X
    April 29, 2016 12:28 AM
    In a sign of the rising power of Islamists in Turkey, more than 100,000 people recently gathered in Diyarbakir, the main city in Turkey’s predominantly Kurdish southeast, to mark the birthday of the Prophet Muhammad. The gathering highlighted tensions with the pro-secular Kurdish nationalist movement. Dorian Jones reports from Diyarbakir.
    Video

    Video Turkish Kurd Islamist Rally Stokes Tensions

    In a sign of the rising power of Islamists in Turkey, more than 100,000 people recently gathered in Diyarbakir, the main city in Turkey’s predominantly Kurdish southeast, to mark the birthday of the Prophet Muhammad. The gathering highlighted tensions with the pro-secular Kurdish nationalist movement. Dorian Jones reports from Diyarbakir.
    Video

    Video Pakistani School Helps Slum Kids

    Master Mohammad Ayub runs a makeshift school in a public park in Islamabad. Thousands of poor children have benefited from his services over the years, but, as VOA's Ayesha Tanzeem reports, roughly 25 million school-age youths don't get an education in Pakistan.
    Video

    Video Florida’s Weeki Wachee ‘Mermaids’ Make a Splash

    Since 1947, ‘mermaids’ have fascinated tourists at central Florida’s Weeki Wachee Springs State Park with their fluid movements and synchronized ballet. Performing underwater has its challenges, including cold temperatures and a steady current, as VOA’s Lin Yang and Joseph Mok report.
    Video

    Video Somali, African Union Forces Face Resurgent Al-Shabab

    The Islamic State terror group claimed its first attack in Somalia earlier this week, though the claim has not been verified by forces on the ground. Meanwhile, al-Shabab militants have stepped up their attacks as Somalia prepares for elections later this year. Henry Ridgwell reports there are growing frustrations among Somalia’s Western backers over the country’s slow progress in forming its own armed forces to establish security after 25 years of chaos.
    Video

    Video Bangladesh Targeted Killings Spark Wave of Fear

    People in Bangladesh’s capital are expressing deep concern over the brutal attacks that have killed secular blogger, and most recently a gay rights activist and an employee of the U.S. embassy. Xulhaz Mannan, an embassy protocol officer and the editor of the country’s only gay and transgender magazine Roopban; and his friend Mehboob Rabbi Tanoy, a gay rights activist, were hacked to death by five attackers in Mannan’s Dhaka home earlier this month.
    Video

    Video Documentary Tells Tale of Chernobyl Returnees

    Ukraine this week is marking the 30th anniversary of the world's worst nuclear accident, at the Chernobyl nuclear power plant. Soviet officials at first said little about the accident, but later evacuated a 2,600-square-kilometer "exclusion zone." Some people, though, came back. American directors Holly Morris and Anne Bogart created a documentary about this faithful and brave community. VOA's Tetiana Kharchenko reports from New York on "The Babushkas of Chernobyl." Carol Pearson narrates.
    Video

    Video Nigerians Feel Bite of Buhari Economic Policy

    Despite the global drop in the price of oil, Nigerian President Muhammadu Buhari has refused to allow the country's currency to devalue, leading to a shortage of foreign exchange. Chris Stein reports from Lagos businessmen and consumers are feeling the impact as the country deals with a severe fuel shortage.
    Video

    Video  Return to the Wild

    There’s a growing trend in the United States to let old or underused golf courses revert back to nature. But as Erika Celeste reports from one parcel in Grafton, Ohio, converting 39 hectares of land back to green space is a lot more complicated than just not mowing the fairway.
    Video

    Video West Urges Unity in Libya as Migrant Numbers Soar

    The Italian government says a NATO-led mission aimed at stemming the flow of migrants from Libya to Europe could be up and running by July. There are concerns that the number of migrants could soar as the route through Greece and the Balkans remains blocked. Western powers say the political chaos in Libya is being exploited by people smugglers — and they are pressuring rival groups to come together under the new unity government. VOA's Henry Ridgwell reports.
    Video

    Video Russia’s TV Rain Swims Against Tide in Sea of Kremlin Propaganda

    Russia’s media freedoms have been gradually eroded under President Vladimir Putin as his government has increased state ownership, influence, and restrictions on critical reporting. Television, where most Russians get their news, has been the main target and is now almost completely state controlled. But in the Russian capital, TV Rain stands out as an island in a sea of Kremlin propaganda.

    Special Report

    Adrift The Invisible African Diaspora