G8 summit to discuss 'strong growth agenda'
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E-mail Xinhua, May 19, 2012
U.S. President Barack Obama said at the White House on Friday that the upcoming G8 summit will discuss a "strong growth agenda" in an effort to grapple with the ongoing eurozone crisis.
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U.S. President Barack Obama delivers a speech during a symposium on Global Agriculture and Food Security in Washington D.C., capital of the United States, May 18, 2012, on the sidelines of the G8 summit. [Xinhua photo] |
![U.S. President Barack Obama delivers a speech during a symposium on Global Agriculture and Food Security in Washington D.C., capital of the United States, May 18, 2012, on the sidelines of the G8 summit. [Xinhua photo]](http://images.china.cn/attachement/jpg/site1007/20120519/001fd04cf03a1121495618.jpg "U.S. President Barack Obama delivers a speech during a symposium on Global Agriculture and Food Security in Washington D.C., capital of the United States, May 18, 2012, on the sidelines of the G8 summit. [Xinhua photo]")
"President Hollande and I agreed that this is an issue of extraordinary importance, not only to the people of Europe, but also to the world economy," Obama said after meeting with visiting French President Francois Hollande.
"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," he told reporters.
For his part, Hollande took a similar tone with Obama by saying that "growth must be a priority."
He also added that he and Obama have the "same conviction" that the debt-ridden Greece "must stay in the eurozone."
Last week, talks for the formation of a coalition government in Greece collapsed, and the country will have to hold fresh elections in June. Markets have been increasingly concerned about the prospect of the country's exit from the eurozone.
Due to the deteriorating situation, the eurozone crisis is expected to top the agenda of the G8 summit to be held on Friday and Saturday at Camp David in Maryland.
Hollande favors a policy for economic growth, while German Chancellor Angela Merkel has been emphasizing the necessity for austerity.
White House officials said that Obama, who shows more interests in the pro-growth policy, will use the behind-the-scene discussions during the summit to push the European leaders for consensus and actions.
But analysts believe that it is quite unrealistic to expect the Europeans to make a choice between economic growth and fiscal discipline at Camp David.
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