The G8 meet in Camp David, Maryland, United States today. The
group represents the eight most powerful industrialised nations; Canada, France,
Germany, Italy, Japan, Russia, United Kingdom and United States as well as a
representative from the EU. Also attending some of the G8 meetings are Brazil,
China, India, Mexico and South Africa. The main focus of the meeting will be is
the world’s 35th largest economy: Greece. Obama (who is President of
the G8 this year) is urging European leaders to come to an agreement to try and
sort out Europe’s failing economy. Obama believes that what happens in Europe
is extraordinarily important.
The G8 summit is the first meeting between Obama and
Hollande, both presidents are advocates of stimulus to try and create jobs and
boost economic growth. Obama calls for the focus in Europe to move away from
austerity and towards the stimulus, the Eurozone is a huge trading partner for
the United States and any serious trouble would throw America’s recovery off
course. Obama has called on a stimulus specifically for Greece, but America
will not provide a cent of this money; he believes the Germans must pay for
this. Hollande and Obama are hoping that they will be able to persuade Merkel
and the Germans to re-orientate Europe away from austerity.
Although Greece and the Eurozone’s woes will be the main focus
of the meeting also on the table are the likes of Iran’s nuclear ambitions and
the possibility of releasing oil reserves to keep the price of petrol down.
Despite this there is no doubt that Greece will dominate the talks.
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| G8 Countries in Dark Green (EU in light green) courtesy of wikipedia |
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