Wall Street Journal
May 19, 2012
It’s morning at the U.S. president’s country retreat, the sun is shining, and the leaders of the Group of Eight are indoors discussing… euro-zone gloom.
With euro-zone turmoil intensifying amid worries about whether Greece can survive in the currency union, the session was widely billed as an event that would see concerted pressure on Angela Merkel, the German Chancellor, to change policies viewed as the main obstacle to a more assertive response to the crisis.
Yet beforehand, some G-8 leaders appeared to grant Mrs. Merkel a concession: yes, getting deficits under control should be a central element of strategy.
In a brief interview with the BBC, British Prime Minister David Cameron said: “I think the German Chancellor is absolutely right that every country needs to have in place strong plans for dealing with their deficits… Growth and austerity aren’t alternatives. You need a deficit reduction plan in order to get growth.”
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