Menu
Share
 
Switch to Desktop Site

Obama, G-8: Recovery takes both growth and cutting

Confronting an economic crisis that threatens them all, President Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.

Image

France's President Francois Hollande, U.S. President Barack Obama, Britain's Prime Minister David Cameron, and Russia's Prime Minister Dmitri Medvedev attend the first working session of the G8 Summit at Camp David, Maryland Saturday.

Philippe Wojazer/Reuters

About these ads

Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.

"So far so good," Obama proclaimed after economic talks at Camp David, his secluded and highly secure mountaintop retreat. He played international host in the midst of a re-election bid that will turn on the economy, underscoring his stakes in getting his allies abroad to rally around some answers.

Yet there were no bold prescriptions at hand. Instead, leaders seemed intent on trying to inspire confidence by agreeing on a broad strategy no matter their differences.

Coping with shaky oil markets, the leaders set the stage for a united release of national oil reserves to balance any disruption in world markets when tough new sanctions are imposed on Iran's exports because of its disputed nuclear program. The leaders said they were ready to take "appropriate action" to meet any shortages.

The mere preparation to release oil reserves could help calm markets and ensure that oil prices, which have been dropping, don't climb again and anger consumers as U.S. elections approach.

The eurozone crisis explained in 5 simple graphs

Next

Page 1 of 5


Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.

Loading...