May 18, 2012
U.S. President Barack Obama pressed Europe on Friday to shift toward a more pro-growth policy and away from austerity to tackle a crisis that threatens to push Greece out of the euro zone and send economic shockwaves worldwide.
Setting the tone for a weekend G8 summit, Obama made clear he was aligning himself with the new French president's drive for more economic stimulus in the recession-plagued euro zone instead of emphasizing belt-tightening programs spearheaded by Germany.
Obama's stance reflects his worries that the euro zone contagion, which threatens the future of the single currency, could hurt the fragile U.S. economic recovery and his own re-election chances in November.
After White House talks with French President Francois Hollande, Obama said the two agreed that tackling the euro-zone crisis was "an issue of extraordinary importance, not only to the people of Europe, but also to the world economy."
"We're looking forward to a fruitful discussion later this evening and tomorrow with the other G8 leaders about how we can manage a responsible approach to fiscal consolidation that is coupled with a strong growth agenda," Obama told reporters.
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