Sunday, May 20, 2012

G8 nations reach consensus on need for keeping Greece in eurozone

Leaders of the G8 nations at the US presidential country retreat of Camp David following the G8 Summit 2012

Source: Press TV

The Group of Eight (G8) leaders have wrapped up their summit in the US, reaching consensus on the need to keep financially-crippled Greece in the eurozone.

They also agreed to ignite growth and slash the debt that has hugely spoiled the European economies.

The joint declaration issued on Saturday by the leaders of the world’s major economies, however, did not mention any specific recommendations on how to tackle the enduring financial troubles of Europe.

The G8 leaders appeared unanimous in their resolve to make sure that Greece, which also faces a political gridlock, stays within the 17-member euro currency zone.

The G8 declaration of support for maintaining Greece in the eurozone points to unforeseen damage to the global economy that may emerge from a Greek departure of the eurozone. The move follows a week of rising speculation that the country may not be able to keep up with its debt payments. This is while the European crisis has already left its marks on Wall Street.

“The global economic recovery show sign[s] of promise, but significant headwinds persist,” read the joint statement of the G8 leaders.

Meanwhile, US President Barack Obama seized the opportunity as the host of the summit to direct the discussions towards issues favorable to his own re-election campaign, outlining on the closing day of the summit the steps he would take to improve the US economy and elaborating on his economic vision for his potential second term.

Meanwhile, the Fitch ratings agency downgraded the rating of Greece last Thursday to the lowest possible grade for a country that is not in default. The agency announced that the departure of Greece from the eurozone was “probable” in case the month’s elections in the country do not reverse the political trends that have brought in politicians opposed to Europe’s bailout terms.

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