News / Americas

    US Sees Progress at G8 on Economic Concerns

    US President Barack Obama gestures alongside French President Nicolas Sarkozy and Canadian Prime Minister Stephen Harper at the Deerhurst Resort at Muskoka, in Huntsville, Ontario, Canada, 25 Jun 2010
    US President Barack Obama gestures alongside French President Nicolas Sarkozy and Canadian Prime Minister Stephen Harper at the Deerhurst Resort at Muskoka, in Huntsville, Ontario, Canada, 25 Jun 2010

    Leaders of the Group of Eight (G8) nations continue discussions on Saturday focusing on ways to continue global economic recovery, while balancing stimulus with the need to bring down deficits. President Barack Obama on Friday urged leaders to build on past commitments, and senior U.S. officials said there was an emerging consensus on issues of sustaining growth, and fiscal responsibility.

    After the first day of G8 discussions at a resort north of Toronto, some optimism was heard about a major question, whether member nations will be able to agree on a way forward to balance the need for more growth with action to hold down deficit spending.

    Senior U.S. administration officials said President Obama stressed the need to maintain durable growth while saying the United States believes this should also involve fiscal consolidation and debt reduction in the medium term.

    While there were different points of emphasis, U.S. officials said there was a "convergence of views" and a broad consensus on how to maintain growth while reaffirming a shared commitment to fiscal consolidation.

    The G8 includes the U.S., Canada, Britain, Germany, France, Italy, Japan and Russia.  The larger G20 which begins its summit on Saturday includes major emerging powers as China, India and Brazil.

    In pre-summit remarks on Friday, Mr. Obama said he hopes the G8 will build on progress already made by coordinating efforts for economic growth.

    "We need to act in concert for a simple reason," he said. "This crisis proved and events continue to affirm that our national economies are inextricably linked, and just as economic turmoil in one place can quickly spread to another, safeguards in each of our nations can help protect all nations."

    President Obama came to Canada strengthened by an agreement in the U.S. Congress on a final version of legislation to reform the U.S. financial system, a measure that could reach his desk soon if it is passed by both chambers of Congress.

    Saying he is confident there will be consensus on a range of issues at the G8, Canadian Prime Minister Stephen Harper said the U.S. financial reform victory could drive the G20 toward a similar result.

    "I believe the progress that the U.S. has made will be be important in driving the world not just to agreements here but to conclusions on financial regulation within the kind of time frame we have been looking at," he said.

    Many G8 leaders face demands in their countries for greater restraint in public spending and pressure to sharply reduce government budgets and deficits.   Canada's Prime Minister Harper has called on G-20 nations to cut their deficits in half by 2013.

    G8 leaders also met with their counterparts from Africa who were invited to the summit, and leaders from Haiti, Jamaica and Colombia, talks focusing on Millennium Development goals and policy, and maternal and child health.

    Senior administration officials said Mr. Obama stressed the importance of mutual accountability and building sustainable systems in Africa, with African leaders echoing these views.  There was a call for accountability reports next year from African governments and from the G8.

    Canada on Friday announced a new G8 initiative to direct new resources to reducing maternal and infant mortality.  A White House statement Friday listed areas in which the U.S. has fulfilled pledges in areas such as aid to Africa, debt relief, and global health and HIV/AIDS prevention.

    On Saturday, G8 leaders will discuss global security issues, including Iran and North Korea.  President Obama has the first of his bilateral meetings, including British Prime Minister David Cameron, China's President Hu Jintao and President Lee Myung-bak of South Korea.


    You May Like

    Top US General: Turkish Media Report ‘Absurd'

    General Dunford rejects ‘irresponsible' claims of coup involvement by former four-star Army General Campbell, who led NATO forces in Afghanistan before retiring earlier this year

    Video Saving Ethiopian Children Thought to Be Cursed

    'Omo Child' looks at efforts of one African man to stop killings of ‘mingi’ children

    Protests Over Western Troops Threaten Libyan 'Unity' Government

    Fears mount that Islamist foes of ‘unity' government plan to declare a revolutionaries' council in Tripoli

    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.
    London’s Financial Crown at Risk as Rivals Eye Brexit Opportunitiesi
    X
    VOA News
    July 25, 2016 5:09 PM
    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.
    Video

    Video London’s Financial Crown at Risk as Rivals Eye Brexit Opportunities

    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.
    Video

    Video Recycling Lifeline for Lebanon’s Last Glassblowers

    In a small Lebanese coastal town, one family is preserving a craft that stretches back millennia. The art of glass blowing was developed by Phoenicians in the region, and the Khalifehs say they are the only ones keeping the skill alive in Lebanon. But despite teaming up with an eco-entrepreneur and receiving an unexpected boost from the country’s recent trash crisis the future remains uncertain. John Owens reports from Sarafand.
    Video

    Video Migrants Continue to Risk Lives Crossing US Border from Mexico

    In his speech Thursday before the Republican National Convention, the party’s presidential candidate, Donald Trump, reiterated his proposal to build a wall along the U.S.-Mexico border if elected. Polls show a large percentage of Americans support better control of the nation's southwestern border, but as VOA’s Greg Flakus reports from the border town of Nogales in the Mexican state of Sonora, the situation faced by people trying to cross the border is already daunting.
    Video

    Video In State of Emergency, Turkey’s Erdogan Focuses on Spiritual Movement

    The state of emergency that Turkish President Recep Tayyip Erdogan has declared is giving him even more power to expand a purge that has seen an estimated 60,000 people either arrested or suspended from their jobs. VOA Europe correspondent Luis Ramirez reports from Istanbul.
    Video

    Video Calm the Waters: US Doubles Down Diplomatic Efforts in ASEAN Meetings

    The United States is redoubling diplomatic efforts and looking to upcoming regional meetings to calm the waters after an international tribunal invalidated the legal basis of Beijing's extensive claims in the South China Sea. VOA State Department correspondent Nike Ching has the story.
    Video

    Video Four Brother Goats Arrive in Brooklyn on a Mission

    While it's unusual to see farm animals in cities, it's become familiar for residents of Brooklyn, New York, to see a little herd of goats. Unlike gas-powered mowing equipment, goats remove invasive weeds quietly and without adding more pollution to the air. As Faiza Elmasry tells us, this is a pilot program and if it proves to be successful, the goat gardener program will be extended to other areas of New York. Faith Lapidus narrates.
    Video

    Video Scientists in Poland Race to Save Honeybees

    Honeybees are in danger worldwide. Causes of what's known as colony collapse disorder range from pesticides and loss of habitat to infections. But scientists in Poland say they are on track to finding a cure for one of the diseases. VOA’s George Putic reports.
    Video

    Video Wall Already Runs Along Parts of US-Mexico Border

    The Republican Party’s presidential nominee, Donald Trump, gained the support of many voters by saying he would build a wall to keep undocumented immigrants and drugs from coming across the border from Mexico. Critics have called his idea impractical and offensive to Mexico, while supporters say such a bold approach is needed to control the border. VOA’s Greg Flakus has more from the border town of Nogales, Arizona.
    Video

    Video New HIV Tests Emphasize Rapid Results

    As the global fight against AIDS intensifies, activists have placed increasing importance on getting people to know their HIV status. Some companies are developing new HIV testing methods designed to be quick, easy and accurate. Thuso Khumalo looks at the latest methods, presented at the International AIDS conference in Durban, South Africa.
    Video

    Video African Youth with HIV Urge More Support

    HIV, the virus that causes AIDS, is the top killer of teens in sub-Saharan Africa. But many youths say their experience with the virus is unique and needs to be addressed differently than the adult epidemic. VOA South African Correspondent Anita Powell reports.
    Video

    Video Pop-Up Art Comes to Your Living Room, Backyard and Elsewhere

    Around the world, independent artists and musicians wrestle with a common problem: where to exhibit or perform? Traditional spaces such as museums and galleries are reserved for bigger names, and renting a space is not feasible for many. Enter ArtsUp, which connects artists with venue owners. Whether it’s a living room, restaurant, office or even a boat, pop-up events are bringing music and art to unexpected places. Tina Trinh has more.
    Video

    Video Scotland’s Booming Whisky Industry Fears Brexit Hangover

    After Britain’s vote to leave the European Union, Scotland’s government wants to break away from the United Kingdom – fearing the nation’s exports are at risk. Among the biggest of these is whisky. Henry Ridgwell reports on a time of turmoil for those involved in the ancient art of distilling Scotland’s most famous product.

    Special Report

    Adrift The Invisible African Diaspora

    More Americas News

    US to Address Illegal Immigration From Central America

    Costa Rica will aid in screening, and Obama administration will expand Central American Minors program to provide safer, more orderly entries of qualified youths

    85 Russian Athletes Barred from Rio Olympics Over Doping

    Among them - 2012 Olympic champion Alexander Dyachenko, one of five canoeists named in recent WADA report, alleging state-sponsored doping cover-up

    Commerce Thrives on US-Mexico Border

    Locals say there are many entangled issues at the border that require clearheaded examination, not heated rhetoric

    Colombia Declares End to Zika Epidemic Inside Country

    Colombia has reported nearly 100,000 cases of infection, with 21 cases of Zika-related microcephaly

    Life on the Line in Venezuela as Economic Crisis Worsens

    As country's lines have grown longer and more dangerous, they have become not only the stage for everyday life, but a backdrop to death

    Colombian Drug Lord Gets 35 Years in US Prison

    Daniel Barrera, convicted of trafficking hundreds of tons of cocaine, also fined $10 million