News / USA

Obama To Push G20 To Tackle Long Term Debt Issue

US President Barack Obama (File Photo)
US President Barack Obama (File Photo)
TEXT SIZE - +
Kent Klein

President Barack Obama goes to the G20 economic summit in France this week with hopes of helping Europe move toward a long-term solution for its debt crisis. The president is also trying to convince the other G20 countries that America’s economic and political problems can be overcome.

Europe’s debt crisis will be at the top of the agenda at this week’s summit in the French resort city of Cannes, involving 20 of the world’s largest industrial countries and international organizations.

Last week’s agreement by the European Union to enlarge its bailout fund and to cut Greece’s debt in half will likely ease some of the pressure on the G20 countries.

President Obama called the agreement an important first step toward long-term global economic growth.  But he said more work lies ahead. “The key now is just to make sure that it drives forward in an effective way," he said.

Some experts agree that the EU agreement is only the beginning of the solution.  

Matthias Matthijs is an assistant professor of international political economy at American University in Washington. “It still has a bit of a whiff of kicking the can, maybe, down the road for a couple of months this time.  But the main problems are still there," he said.

America’s economic and political problems may also come up at the G20.  Stubborn high unemployment has stifled the US economic recovery.  

And partisan bickering caused a debt crisis, which led to US debt being downgraded and questions from other countries about whether Washington is competent to address its economic problems.

White House Press Secretary Jay Carney assures the G20 partners that the president is making progress on these issues. “So he carries with him to France the fact that we are pushing our Congress to act on these matters, and he comes as the leader of the largest economy in the world and a great friend and ally of a great many nations," he said.

Another of Mr. Obama’s priorities in Cannes is to push for greater access to overseas markets for American exports. “We’ve got to get into a posture where the U.S. is always going to be a big market, and we’re going to welcome goods from all around the world, but we’ve also got to be selling goods around the world," he said.

In addition, professor Matthias Matthijs says the president will continue to bring up the sensitive issue of the value of China’s currency. “So basically, the United States is the debtor country and thinks that the Chinese are exporting because of unfair trade practices, and then the Chinese think that the Americans basically print too much money and manipulate their economy that way," he said.

Scheherazade Rehman, the director of George Washington University’s European Union Research Center, doubts that the president’s views on China’s currency will get much European support. “They are so caught up in putting out their own fires that they cannot fathom that this is a good time to bring up a currency war with China.  From President Obama’s point of view, this is a good time, so he can show the American people that ‘Look, we are going to do whatever we can to keep jobs at home," he said.

These and other issues will be covered in just two days.  Mr. Obama and the other G20 leaders arrive in Cannes early Thursday and leave late Friday.

You May Like

Abuja Blast Impacts Lives, Livelihoods

Officials say they are looking at ways to help bombing victims and boosting security More

Cambodia Technology Adviser Criticizes Cybercrime Draft Law

Phu Leewood says current criminal code can be used to prosecute offenders and that there is no need for a separate law More

Photogallery A Year Later, Boston Remembers Deadly Marathon Bombings

City pauses to honor victims and salute emergency workers who came to their assistance in frantic moments after blasts 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.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid