BREAKING NEWS

Obama says euro zone crisis threatens global economy

By REUTERS

MAY 20, 2012 01:33

CAMP DAVID, Md. - US President Barack Obama, wrapping up the G8 summit he hosted at Camp David, said on Saturday that the euro zone 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 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.

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