VIEWPOINTS: At G8 Summit Obama tells EU to Ease up on Austerity..money printing to follow
World leaders sit together at the first working session of the G8 Summit in Camp David. Photograph: Michael Gotthsalk/Pool/EPA
At the G8 Summit, President Barack Obama urged the European leaders to call for concerted action on the euro crisis in the form of easing up on fiscal austerity and to focus on economic growth. This effort by the US President is done in a bid to step the current turmoil in the eurozone and hedge the risk of global contagion.
At the wooded Camp David presidential retreat in Maryland’s Catoctin Mountains, Obama and leaders from other major economic powers are seeking ways to soothe financial markets after worries about Spain’s banking problems and the risk of a Greek exit from the euro zone sent world stocks to their lowest levels this year.