G8 leaders end summit with pledge to keep Greece in eurozone
US and France succeed in putting promotion of growth at top of communique despite Germany's resistance to stimulus package
By Ewen MacAskill
G8 leaders end summit with pledge to keep Greece in eurozone
US and France succeed in putting promotion of growth at top of communique despite Germany's resistance to stimulus package
Angela Merkel, Barack Obama, and François Hollande at the G8 summit. Photograph: Brendan Smialowski/AFP/Getty Images
The communique, which had the growth promise at the top, represents a victory for Obama and the new French president, François Hollande, over German chancellor, Angela Merkel, who has resisted calls for a stimulus package.
But it may be shortlived. The communique was short in detail and Merkel could re-establish her dominance next week at an informal European meeting.
The eight leaders meeting at the US presidential retreat in Maryland issued a communique declaring in its opening paragraph: "Our imperative is to promote growth and jobs."
It added: "The global economic recovery shows signs of promise, but significant headwinds persist. Against this background, we commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognising that the right measures are not the same for each of us."
The communique was issued after almost four hours devoted to the eurozone crisis, which could have a negative impact on the US economy and Obama's re-election chances in November.
Obama favours Europeans adopting a stimulus package similar to the one he instigated in the US in 2009, as does Hollande. They both also favour keeping the eurozone intact, including Greece, though this may in the end prove difficult.
For the rest of this article:
http://www.guardian.co.uk/world/2012/may/19/g8-summit-greece-us-france-germany
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