Thursday April 17, 2014 Search
Weather | Athens
15o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
G8 leaders hope Greece remains in eurozone

US President Barack Obama (right) and his French counterpart Francois Hollande.

By Anne Geran

President Barack Obama and other leaders of the Group of Eight industrial nations expressed hope Saturday that Greece will remain in the eurozone as they huddled for a shirt-sleeves summit aimed at keeping Europe's economic troubles from multiplying and spreading around the world.

Circling up around a table in a rustic cabin at the presidential retreat, the leaders underlined the need to keep bringing deficits down through austerity measures but also agreed that targeted spending on things like education and public works projects is needed to solve Europe's financial crisis.

"All of us are absolutely committed to making sure that growth and stability and fiscal consolidation are part of an overall package, Obama said.

Germany's Angela Merkel, for her part, said growth and deficit cutting reinforced each other and that we have to work on both threads, and the participants have made that clear, and I think that is great progress."

The G8 leaders' joint statement from the woods of Camp David reflected both hope and a recognition of the daunting economic challenges they face.

"The global recovery shows signs of promise, but significant headwinds persist, it said.

The summit brought together leaders of the United States, Germany, France, Canada, Italy, Britain, Russia, and Japan in an effort to figure out how to tame Europe's debt crisis while also increasing the demand for goods and spurring job growth.

Their statement conceded some points to Merkel's push for austerity, saying budget deficits needed to be closed. But it added that budget cutting should take into account countries' evolving economic conditions and underpin confidence and economic recovery. That suggested a willingness to let indebted countries take more time to reduce their deficits in line with eurozone rules in order to lessen the deadening impact of cuts on the economy.

"The right measures are not the same for each of us, their statement said.

Their statement of support for Greece remaining in the euro underlined the potential and unpredictable damage to the global financial system that could come from a Greece departure. It follows a week of increasing speculation that Greece might not be able to stay the course. [The Associated Press]

ekathimerini.com , Saturday May 19, 2012 (22:05)  
Lafazanis denies speculation of rift within SYRIZA party
Homemade bomb targets car of deputy Parliament speakers wife
Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
Mayoral candidates clash over Athens mosque plans
Greek current account deficit widens in February
Greece's current account deficit widened slightly in February from the same month last year, according to balance of payments figures released by the central bank on Thursday. The deficit st...
National Bank of Greece plans senior unsecured bond sale
National Bank of Greece SA is planning to sell senior bonds after the government last week returned to capital markets after a four-year exile. The sale will take place after investor calls ...
Inside Business
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national teams triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
BASKETBALL
Greens within a whisker of upsetting CSKA Moscow
Panathinaikos came mighty close to snatching home advantage from CSKA Moscow in Game 1 of the Euroleague play-offs on Wednesday, but eventually succumbed to its host in Russia in overtime, w...
Inside Sports
COMMENTARY
Ukraine is a crisisbut not a Cold War
Given Russias annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
EDITORIAL
Transparency of political party funding
Ensuring transparency in the funding of political parties and the manner in which they choose to spend their funds are crucial to the smooth functioning of our democracy. After all, most of ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Lafazanis denies speculation of rift within SYRIZA party
2. Greek current account deficit widens in February
3. National Bank of Greece plans senior unsecured bond sale
4. Yield on first post-default Greek bond falls to issuance level
5. Homemade bomb targets car of deputy Parliament speakers wife
6. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
more news
Today
This Week
1. Greece startup leaders say they cant break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Seven arrested over Toumba violence
4. Mayoral candidates clash over Athens mosque plans
5. Homemade bomb targets car of deputy Parliament speaker's wife
6. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
6. Samaras sees no need for third bailout
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.