News / Economy

Obama Hopes to Build on G20 Progress

President Barack Obama speaks with, from left, French President Nicolas Sarkozy, German Chancellor Angela Merkel, and British Prime Minister David Cameron; during a working lunch at the G20 Summit in Cannes, France, Thursday, Nov. 3, 2011.
President Barack Obama speaks with, from left, French President Nicolas Sarkozy, German Chancellor Angela Merkel, and British Prime Minister David Cameron; during a working lunch at the G20 Summit in Cannes, France, Thursday, Nov. 3, 2011.
Kent Klein

After the two-day G20 economic summit in France was dominated by the debt crisis in Greece, President Barack Obama says he will keep pressing for quick action to solve the crisis.  The president also vows to continue his push for legislation that would help create jobs in America.

President Obama left the French resort city of Cannes Friday, expressing optimism that Europe can solve its economic problems, a key step toward boosting the world's economic recovery.

But he and other non-European G20 leaders want swift action on the spreading European debt crisis. “Having heard from our European partners over the past two days, I am confident that Europe has the capacity to meet this challenge.  I know it isn’t easy, but what is absolutely critical, and what the world looks for in moments such as this, is action," he said.

European G20 leaders resolved to attack the debt problem.  But the immediate action the Obama administration had hoped for did not materialize.

Mr. Obama offered further advice and encouragement to his European counterparts, but no U.S. financial help.

Still, the president said some progress was made in Cannes.  Italy, a top European economy, may have prevented problems similar to the ones in Greece by allowing the International Monetary Fund to monitor its economy.  And G20 leaders agreed to give the IMF more resources to fight financial crises.

"Europe remains on track to implement a sustainable path for Greece.  Italy has agreed to a monitoring program with the IMF, in fact, invited it.  Tools have been identified that will better enable the world to support European action," he said.

The concerns of other G20 countries about the state of the U.S. economy were underscored by the release of more figures showing lackluster job creation last month.  

Mr. Obama used the occasion to again call on Congress to pass his $447 billion jobs legislation, saying his economic program is making some progress. "Is that good enough?  Absolutely not.  We've got to do more.  And as soon as I get some signal from Congress that they're willing to take their responsibilities seriously, I think we can do more," he said.

The president and Republicans in the House of Representatives are offering separate and quite different bills on job creation.

Some other G20 leaders praised Mr. Obama's plan, and he will spend the next few days promoting it to the American public.

While most of the summit in Cannes focused on Europe's economy, China agreed to speed efforts to raise the value of its currency, the RMB, which President Obama had been planning to call for. "In addition, we welcome China's determination to increase the flexibility of the RMB.  This is something we've been calling for for some time, and it will be a critical step in boosting growth," he said.

The U.S. and other countries welcomed China's stated intent to open its markets to more imports.  Obama administration officials say the Chinese announcements reflect concern in Beijing about risks to its economy from Europe's financial troubles.

The most urgent non-economic item covered in Cannes, Iran's nuclear program, will be raised again in the coming days.  An International Atomic Energy Agency report due soon is expected to show that Iranian scientists are making progress toward learning to build a nuclear bomb.

Iran has repeatedly denied that its nuclear program is for military purposes.

Meanwhile, in the coming days, Mr. Obama will campaign for his jobs program, before leaving for the next series of international meetings.

He will host the Asia-Pacific Economic Cooperation forum and the North American leaders' summit in his home state of Hawaii.  He will go on to visit Australia, then to the Indonesian resort of Bali for the East Asia Summit.

You May Like

UN Report Exposes Widespread Boko Haram Atrocities

Damning report graphically details pattern of vicious, widespread atrocities committed by Islamist militants More

Russia’s Prosecutor General to Review Legality of Baltics Independence

Move, announced Tuesday, has alarmed Baltic States and strained even further their increasingly tense ties with Moscow More

US Urged to Keep Up Pressure on Cuba Rights

Communist government continues to hold dozens of political prisoners, tightly restricts freedom of expression, uses threats, intimidation to discourage critics, according to activist groups 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.
Hate Groups Spread Influence Via Interneti
X
Mike O'Sullivan
June 30, 2015 8:20 PM
Hate groups of various kinds are using the Internet for propaganda and recruitment, and a Jewish human rights organization that monitors these groups, the Simon Wiesenthal Center, says their influence is growing. The messages are different, but the calls to hatred or violence are similar. VOA's Mike O’Sullivan reports.
Video

Video Hate Groups Spread Influence Via Internet

Hate groups of various kinds are using the Internet for propaganda and recruitment, and a Jewish human rights organization that monitors these groups, the Simon Wiesenthal Center, says their influence is growing. The messages are different, but the calls to hatred or violence are similar. VOA's Mike O’Sullivan reports.
Video

Video US Silica Sand Mining Surge Worries Illinois Residents, Businesses

Increased domestic U.S. oil and gas production, thanks to advances known as “fracking,” has created a boom for other industries supporting that extraction. Demand for silica sand, used in fracking, could triple over the next five years. In the Midwest state of Illinois, people living near the mines are worried about how increased silica sand mining will affect their businesses and their health. VOA’s Kane Farabaugh has more in this first of a series of reports.
Video

Video Blind Somali Journalist Defies Odds in Mogadishu

Despite improving security in the last few years, Somalia remains one of the most dangerous countries to be a journalist – even more so for someone who cannot see. Abdulaziz Billow has the story of journalist Abdifatah Hassan Kalgacal, who has been reporting from the Somali capital for the last decade despite being blind.
Video

Video Texas Defies Same-Sex Marriage Ruling

Texas state officials have criticized the US Supreme Court decision giving same-sex couples the right to marry nationwide. The attorney general of Texas says last week's decision did not overrule constitutional "rights of religious liberty," and therefore officials performing wedding services can refuse to perform them for same-sex couples if it is against their religious beliefs. Zlatica Hoke reports on the controversy.
Video

Video Syrians Flee IS Advance in Hasaka

The Syrian government said Monday it has taken back one of several districts in Hasaka overrun by Islamic State militants. But continued fighting elsewhere in the northern city has forced thousands of civilians from their homes. In this report narrated by Bill Rodgers, VOA Kurdish Service reporter Zana Omer describes the scene in Amouda, where some of the displaced are taking refuge.
Video

Video Rabbi Hits Road to Heal Jewish-Muslim Relations in France

France is on high alert after last week's terrorist attack near the city Lyon, just six months after deadly Paris shootings. The attack have added new tensions to relations between French Jews and Muslims. France’s Jewish and Muslim communities also share a common heritage, though, and as far as one French rabbi is concerned, they are destined to be friends. From the Paris suburb of La Courneuve, Lisa Bryant reports about Rabbi Michel Serfaty and his friendship bus.
Video

Video S. Korea Christians Protest Gay Rights Festival

The U.S. Supreme Court decision mandating marriage equality nationwide has energized gay rights supporters around the world. Gay rights remain a highly contentious issue in a key U.S. ally, South Korea, where police did a deft job Sunday of preventing potential clashes between Christian protesters and gay activists. Kurt Achin reports from Seoul.
Video

Video Saudi Leaks Expose ‘Checkbook Diplomacy’ In Battle With Iran

Saudi Arabia’s willingness to wield its oil money on the global diplomatic stage appears to have been laid bare, after the website WikiLeaks published tens of thousands of leaked cables from Riyadh’s Ministry of Foreign Affairs. VOA's Henry Ridgwell reports.
Video

Video Nubians in Kenya Face Land Challenges

East Africa's ethnic Nubians have a rich cultural history that dates back thousands of years, but in Kenya they are facing hardships, including the loss of lands they have lived on for generations. They say the government has reneged on its pledge to award them title deeds for the plots. VOA's Lenny Ruvaga reports.
Video

Video Military Experts Question New Russian Tank Capabilities

Russia has been showing off its new tank design – the Armata T-14. Designers claim it is 20 years ahead of current Western designs - and driving it feels like playing a computer game. But military analysts question those assertions, and warn the cost could be too heavy a burden for Russia’s struggling economy. Henry Ridgwell reports.
Video

Video In Kenya, Police Said to Shoot First, Ask Questions Later

An organization that documents torture and extrajudicial killings says Kenyan police were responsible for 1,252 shooting deaths in five cities, including Nairobi, between 2009 and 2014, representing 67 percent of all gun deaths in the areas reviewed. Gabe Joselow has more from Nairobi.
Video

Video In Syrian Crisis, Social Media Offer Small Comforts

Za’atari, a makeshift city in Jordan, may be the only Syrian refugee camp to tweet its activities, in an effort to keep donors motivated as the war in Syria intensifies and the humanitarian crisis deepens. Inside the camp, families say mobile phone applications help hold together families that are physically torn apart. VOA’s Heather Murdock reports.

VOA Blogs

World Currencies

EUR
USD
0.8982
JPY
USD
122.88
GBP
USD
0.6363
CAD
USD
1.2374
INR
USD
63.836

Rates may not be current.