Entries in G20 Summit (3)


Geithner ‘Encouraged’ by Europe’s Plan to Tackle Economic Crisis

Official White House Photo by Pete Souza(LOS CABOS, Mexico) -- Treasury Secretary Timothy Geithner said Tuesday he is encouraged that European leaders appear ready to make a more forceful response to the financial crisis threatening the global economic recovery.

Speaking at the close of the G20 summit, Geithner said European leaders are focused on steps intended to stabilize the eurozone and promote growth in the region.

“We’re encouraged by what we’ve heard from the European leaders today and by the broad focus around the world we’re seeing to the need to strengthen economic growth,” Geithner told reporters.

European leaders are expected to detail their plan at a “critical” summit in Brussels at the end of next week.

“They’ve laid out a framework with a series of very important key elements,” Geithner said, including proposals to build a “stronger framework to make their financial system work.” He said he was also encouraged by their plans to work with Greece to make sure it is “reforming within the European community.”

Copyright 2012 ABC News Radio


Obama Asks Euro Leaders to Publicly Discuss Solutions for Economic Crisis

Official White House Photo by Pete Souza(LOS CABOS, Mexico) -- As expected, the G20 conference came to its close with no bold agreements to resolve the economic crisis in the 17-member eurozone. President Obama said Tuesday that he had urged leaders from the European countries present -- France, Germany, Italy, and the European Union -- to at least provide a public framework as to what they want to happen so that markets and others can calm down and be reassured solutions are coming.

President Obama told reporters that what he had “heard from European leaders during the course of these discussions is that they understand the stakes, they understand why it’s important for them to take bold and decisive action and I’m confident they can meet those tests.”

“Sometimes even after they’ve conceived of approaches to deal with the crisis they have to deal with all the politics to get it done and markets are a lot more impatient,” the president said. “So what I’ve encouraged them to do is to lay out a framework for where they want to go in increasing European integration in resolving the financial pressures that are on sovereign countries, even if they can’t achieve all of it in one fell swoop, I think that if people have a sense of where they’re going that can provide confidence and break the fever.”

Asked if Europe’s failure to rally would cost him re-election, President Obama said, “All these issues, economic issues will potentially have some impact on the election but that’s not my biggest concern right now. My biggest concern is the same concern I’ve had over the last three and a half years, which is folks who are out of work or underemployed or unable to pay the bills, what steps are we taking that potentially put them in a stronger position.”

Copyright 2012 ABC News Radio


Eurozone Crisis to Take Center Stage at G20

TIM SLOAN/AFP/Getty Images(CANNES, France) -- President Obama heads to Cannes, France, on Wednesday as the eurozone crisis and the upcoming Greek referendum take center stage at the G20 summit. All eyes will be on German Chancellor Angela Merkel and French President Nicolas Sarkozy, who are leading the effort to avoid a global financial crisis. Obama will meet with them both.

The White House continues to say that the pending Greek bailout vote underscores the need for European leaders to “elaborate further and implement rapidly” the debt deal that they agreed to last week. The plan, however, currently lacks specificity and European leaders need to figure out how to finance the $1.4 trillion bailout fund designed to prevent Greece’s troubles from spreading elsewhere in Europe.

With the economic recovery in the U.S. lagging, Obama is not in a strong position to lecture his European counterparts, nor is the U.S. likely to offer financial help outside the IMF.

European officials have petitioned Beijing for a big investment in their rescue fund. The White House, which now finds itself fighting the narrative that China is going into the G20 with more clout than the U.S., has downplayed whether such a development would elevate China’s influence.

White House officials insist the president brings to the table his vital experience from the 2008 economic crisis in the U.S.

Copyright 2011 ABC News Radio

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