May 20, 2012
Angela Merkel has declined to shift position on fresh measures to stimulate demand in the euro area, including the idea of eurobonds, leaving other EU countries hoping she will adopt a more conciliatory mood when the EU heads of government meet on Wednesday for the next round of discussions.
Barack Obama left the German chancellor in no doubt that he would like to see her adopt a less confrontational stance towards the Greek government, during a heated two-hour discussion at the G8 summit at Camp David, outside Washington.
Obama, facing a presidential election in November, cannot afford US jobless numbers to rise this autumn, a serious possibility if there is no return of confidence in Europe. He is said to understand the necessity for the Greeks to undertake spending cuts, but stressed the same austerity approach across Europe would simply lead to recession.
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