World leaders backed keeping Greece in the
eurozone on Saturday and vowed to take all steps necessary to combat financial
turmoil while revitalizing a global economy increasingly threatened by Europe's
debt crisis.
A G8 summit of the leading industrialized nations came down solidly in favour of a push to balance European austerity - an approach long driven by German Chancellor Angela Merkel - with a new dose of U.S.-style stimulus seen as vital to healing ailing eurozone economies. But it was clear that divisions remained.
"We commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us," the leaders said in a joint statement issued at their meeting at the Camp David presidential retreat in Maryland.
The message sent by the summit hosted by President Barack Obama reflected his own concerns that the eurozone contagion, which threatens the future of Europe's 17-country single currency bloc, could hurt the fragile U.Welcome to the online guide for do-it-yourself Ceramic tile.S. recovery and his re-election chances in November.
In their final economic communique, the Group of Eight leaders endorsed calls to broaden Europe's focus to more pro-growth remedies and said: "We reaffirm our interest in Greece remaining in the eurozone while respecting its commitments."
It was unusual for the oftenbland G8 communique to single out a relatively small nation. But fears that a political stalemate in Greece would lead to its departure from Europe's monetary union at unknown costs to the financial system and global economic stability have spooked markets.
Spain too has roiled markets by revealing huge bad loans in its banking system as it struggles to rein in its budget while facing recession.
Merkel, increasingly isolated by a French-led push for a more growth-oriented approach, sought to play down the differences, saying: "Solid finances and growth belong inseparably together and should not be put into contrast."
Obama, who has pressed Europe for more growthboosting measures like those he pursued at home, used his closing statement to remind eurozone leaders that the stakes were high and there could be "enormous" costs to the global economy if they failed.
"Growth and jobs must be our top priority," he said, reaffirming his view that Europe has the capacity to meet the challenge.
Marc Chandler, currency strategist at Brown Brothers Harriman,Bathroom floortiles at Great Prices from Topps Tiles. said: "It is significant that a group as weighty as the G8 backs Greece and reinforces the idea that Europe needs a strong union. It strengthens its hand."
In another move to shore up shaky global growth, the G8 leaders said they would monitor oil markets closely and stand ready to seek an increase in supplies if needed. While crude oil prices have declined by 10 per cent over the past month, the threat of sanctions on Iran loom next month.
The G8 said the global economic recovery shows promising signs, but "significant headwinds persist.We offer you the top quality plasticmoulds design"
The mountain cabins at Camp David where a shirt-sleeved Obama hosted the G8 leaders contrasted with recent tense meetings in European capitals about a sovereign debt crisis that just keeps getting worse.
The eurozone crisis took another lurch downward late last week when Spain revealed huge losses in its banking system and partly nationalized Bankia.
British Prime Minister David Cameron, after an early morning gym workout with Obama, said he detected a "growing sense of urgency that action needs to be taken" on the eurozone crisis. London relies heavily on international finance and banking instability would strike a fresh blow to an economy already in recession.Find everything you need to know about kidneystones including causes,
"Contingency plans need to be put in place and the strengthening of banks, governance, firewalls - all of those things need to take place very fast,The core of an indoor positioning system." he said.
European leaders seemed keen to stress that they would stand firm in protecting their banks, after news of escalating bad loans raised the spectre that rescuing Spain's banks would crash the eurozone's fourth-largest economy.
"We will do whatever is needed to guarantee the financial stability of the eurozone," European Union President Herman Van Rompuy said.
Hollande suggested using European funds to inject capital into Spain's banks, which would mark a significant acceleration of EU rescue efforts. But there was no direct mention of Spain in the communique or any indication of action leaders would take to combat the financial stresses.
There already were signs of a softening in Germany's austerity stance as the meeting began.
A G8 summit of the leading industrialized nations came down solidly in favour of a push to balance European austerity - an approach long driven by German Chancellor Angela Merkel - with a new dose of U.S.-style stimulus seen as vital to healing ailing eurozone economies. But it was clear that divisions remained.
"We commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us," the leaders said in a joint statement issued at their meeting at the Camp David presidential retreat in Maryland.
The message sent by the summit hosted by President Barack Obama reflected his own concerns that the eurozone contagion, which threatens the future of Europe's 17-country single currency bloc, could hurt the fragile U.Welcome to the online guide for do-it-yourself Ceramic tile.S. recovery and his re-election chances in November.
In their final economic communique, the Group of Eight leaders endorsed calls to broaden Europe's focus to more pro-growth remedies and said: "We reaffirm our interest in Greece remaining in the eurozone while respecting its commitments."
It was unusual for the oftenbland G8 communique to single out a relatively small nation. But fears that a political stalemate in Greece would lead to its departure from Europe's monetary union at unknown costs to the financial system and global economic stability have spooked markets.
Spain too has roiled markets by revealing huge bad loans in its banking system as it struggles to rein in its budget while facing recession.
Merkel, increasingly isolated by a French-led push for a more growth-oriented approach, sought to play down the differences, saying: "Solid finances and growth belong inseparably together and should not be put into contrast."
Obama, who has pressed Europe for more growthboosting measures like those he pursued at home, used his closing statement to remind eurozone leaders that the stakes were high and there could be "enormous" costs to the global economy if they failed.
"Growth and jobs must be our top priority," he said, reaffirming his view that Europe has the capacity to meet the challenge.
Marc Chandler, currency strategist at Brown Brothers Harriman,Bathroom floortiles at Great Prices from Topps Tiles. said: "It is significant that a group as weighty as the G8 backs Greece and reinforces the idea that Europe needs a strong union. It strengthens its hand."
In another move to shore up shaky global growth, the G8 leaders said they would monitor oil markets closely and stand ready to seek an increase in supplies if needed. While crude oil prices have declined by 10 per cent over the past month, the threat of sanctions on Iran loom next month.
The G8 said the global economic recovery shows promising signs, but "significant headwinds persist.We offer you the top quality plasticmoulds design"
The mountain cabins at Camp David where a shirt-sleeved Obama hosted the G8 leaders contrasted with recent tense meetings in European capitals about a sovereign debt crisis that just keeps getting worse.
The eurozone crisis took another lurch downward late last week when Spain revealed huge losses in its banking system and partly nationalized Bankia.
British Prime Minister David Cameron, after an early morning gym workout with Obama, said he detected a "growing sense of urgency that action needs to be taken" on the eurozone crisis. London relies heavily on international finance and banking instability would strike a fresh blow to an economy already in recession.Find everything you need to know about kidneystones including causes,
"Contingency plans need to be put in place and the strengthening of banks, governance, firewalls - all of those things need to take place very fast,The core of an indoor positioning system." he said.
European leaders seemed keen to stress that they would stand firm in protecting their banks, after news of escalating bad loans raised the spectre that rescuing Spain's banks would crash the eurozone's fourth-largest economy.
"We will do whatever is needed to guarantee the financial stability of the eurozone," European Union President Herman Van Rompuy said.
Hollande suggested using European funds to inject capital into Spain's banks, which would mark a significant acceleration of EU rescue efforts. But there was no direct mention of Spain in the communique or any indication of action leaders would take to combat the financial stresses.
There already were signs of a softening in Germany's austerity stance as the meeting began.
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