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June 26, 2022

G8 wants Greece to stay in eurozone

The group says “our imperative is to promote growth and jobs”.

President Barack Obama and fellow leaders at the Group of Eight meeting he hosted Saturday put job creation and economic growth at the top of their to-do list. “(They) must be our top priority. A stable growing European economy is in everybody’s best interest, including the United States’,” Obama told reporters after the two-day Camp David retreat in Maryland concluded. At the same time, leaders stated “that the right measures are not the same for each of us.”The G8 meeting was one of two high-stakes, back-to-back weekend summits scheduled over the weekend. On Sunday, NATO kicked off its two-day summit in Chicago, with a focus on the Afghanistan war.G8 leaders – from the United States, France, the United Kingdom, Germany, Japan, Italy, Canada and Russia – issued a declaration detailing their commitment to ensuring adequate energy and dealing with climate change; providing food security and nutrition in Africa; promoting democratic transitions in the Middle East; and supporting political transition in Syria. They reiterated “grave concern” over Iran’s nuclear program and the need to ensure an adequate oil supply.But it was the global economy dominated that dominated the Camp David sessions.The group dealt with an economically weakened, debt-laden Europe and faced the questions of whether massive deficit cuts trumpeted by German Chancellor Angela Merkel or economic stimulus will help the continent grow its way out of the current crisis. The language in their declaration Saturday appeared to focus as much on growth as austerity.While discussing economic challenges and progress in the United States, Obama said the eurozone is more complicated.“There are 17 countries in the eurozone that need to come to an agreement,” the president said, citing the crisis affecting Greece and other nations. “Europe has taken significant steps to manage the crisis.” “We welcome the ongoing discussion in Europe on how to generate growth, while maintaining a firm commitment to implement fiscal consolidation to be assessed on a structural basis,” the leaders said in a statement. “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. We all have an interest in the success of specific measures to strengthen the resilience of the eurozone and growth in Europe.”

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