Obama says eurozone crisis threatens world
US President Barack Obama, wrapping up the Group of Eight leading economies summit he hosted at Camp David, has said that the eurozone crisis was threatening the world economy but welcomed Europe’s new focus on jobs and growth as a potential remedy.
“The direction the debate has taken recently should give us confidence,” Obama told reporters on Saturday at the end of the high-level meetings in rural Maryland. “There is now an emerging consensus that more must be done to promote growth and job creation right now in the context of these fiscal and structural reforms.”
Obama said the G8 leaders recognized the painful sacrifices people in Greece are making to cope with the country’s economic problems, and repeated his view that Europe has the capacity to meet its challenges.
Earlier, the leaders said in a communique that it is “their imperative” to promote growth and jobs to reinvigorate the global economy, and gave their backing to Greece remaining in the eurozone.
“We agree on the importance of a strong and cohesive Eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments.
“Against this backdrop, 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,” said the communique.
More: G-8 Leaders Agree Growth, Jobs Are Priority