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Wednesday, May 29, 2024

G8 Leaders look to head off Eurozone Crisis

G8 Leaders look to head off Eurozone CrisisLeaders of major industrial economies are meeting to try to tackle a full-blown crisis in Europe where fears are growing that Greece could leave the Eurozone bloc, threatening the future of the common currency. President Barack Obama, the G8 host, has urged European leaders repeatedly to do more to stimulate growth, fearing contagion from the euro crisis that could hurt the US economy and his chances of re-election in November.
British Prime Minister David Cameron, who has been increasingly vocal in urging Europe to do more to resolve the debt crisis, will tell leaders they must work together to stop it from spreading worldwide, an aide said. No major economic policy decisions are expected from the talks but officials said Obama hoped to promote a discussion on a comprehensive approach to resolving the crisis.
He will seek to cement a bond with France’s new leader at the White House before heading to Camp David for the talks.
Francois Hollande, sworn in as French President, has already made waves by challenging Europe’s austerity focus and saying he will pull French combat troops from Afghanistan by the end of this year.

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