The heads of the world's top nations assembled last Saturday to convince Germany to support more pro-growth policies to put a stop to the stop to the worsening debt crisis in Europe. President Barack Obama has gained overwhelming support for his case that Europe and the United States cannot afford German Chancellor Angela Merkel's approach regarding austerity.
The Group of 8 nations, at a gathering hosted by Obama at Camp David, agreed to "take all necessary steps" to fortify their nations. They did say that they intended to keep Greece in the Eurozone and pledged to increase growth in Europe, although no plans were revealed. The leaders also unveiled that their "imperative is to promote growth and jobs."
Even as the future of the European union seems to be undergoing some uncertainty, Germany does believe that Europe should be dealing with its troubling economies via spending cuts. Such a policy is believed by some to have led to higher unemployment, which has brought Greece to the edge of bankruptcy and exacerbated the financial situations in Spain and Italy.
The leaders did agree with Merkel on some austerity measures, admitting that national budget deficits had to be tackled. However, they added that spending cuts must "take into account countries' evolving economic conditions and underpin confidence and economy recovery."
Because Obama's re-election bid is connected to the U.S. economic recovery, could result in a loss if Europe's economy overall gets worse. Obama has been promoting a "Eurozone growth package." Merkel, according to U.S. officials, said she might be more open to a more growth-oriented approach when she joins with other European leaders for a summit meeting this week. The goal of the meeting is to consider which steps need to be taken in order to conquer surging debt while improving the Europe's economy.
However, it is uncertain what Merkel will do. German Chancellor Merkel had supposedly discussed with Greek politicians about their decision over whether or not the country wanted to remain in the European Union. This is a report that a spokesman for Merkel has asserted is false.
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