Security Issues Open G-8 Talks With European Debt Next
By Margaret Talev and Kate Andersen Brower - May 19, 2012 8:48 PM GMT+0700
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Leaders from the Group of Eight nations opened two days of economic and
security discussions by considering ways to keep Iran from gaining nuclear
weapons capability and to promote peaceful political transition in Syria,
according to a U.S. official familiar with the talks.
The G-8 summit, hosted by President Barack Obama at the presidential retreat in
Camp David, Maryland, began last night with a dinner discussion of security
matters ahead of meetings planned for today on the global economy, said the
official, who briefed reporters on condition of anonymity.
The talks so far have been "frank and useful," Obama said as he welcomed the
leaders in remarks televised from Camp David this morning.
"We are addressing here the two biggest threats to all our economies and that
is of course the eurozone crisis but also the very high oil prices that
translate into high prices at the pumps," U.K. Prime Minister David Cameron
said today after meeting with Obama.
Sense of Urgency
The leaders are "making progress on both," Cameron said. "Particularly on the
euro zone, what is required is a sense of urgency and then clear actions for
strong banks, strong deficit reduction plans," he told reporters.
Leaders were reserving most of today for talks on how to mix pro-growth
policies and austerity measures to manage the Greek and euro-region crises,
along with discussions about oil supplies and prices.
Before leaving for Camp David yesterday, Obama called Europe's debt crunch "an
issue of extraordinary importance" to the world economy and said he expected a
"fruitful discussion" on how to couple fiscal responsibility with policies that
promote growth.
Obama met privately in Washington before the G-8 talks with France's new
President Francois Hollande, who echoed the U.S. president's position that
growth must be a priority along with improved public finances. Hollande said he
and Obama "share the same views" that Greece should stay in the euro region
"and that all of us must do what we can to that effect."
Tensions Over Debt
Hollande also met yesterday in Washington with U.K. Prime Minister David
Cameron, who urged the French leader to back euro region-wide bonds. Cameron
warned Hollande that he'll veto any attempt to introduce a European Union
financial transactions tax.
Friction over how to approach the European debt crisis is shadowing the G-8
talks. Obama and Hollande are urging more emphasis in Europe on pro-growth
policies, while German Chancellor Angela Merkel has opposed any measures that
might add to nations' debt burdens.
At the helm of Europe's biggest economy, Merkel has taken the lead in calling
for fiscal discipline to combat the region's debt crunch.
When Obama greeted Merkel as she arrived at Camp David, she simply shrugged
when he asked how she was doing.
"Well, you have a few things on your mind," Obama told her.
Pressure on Greece
European Union leaders said yesterday they have the tools and the will to
protect the euro and combat the bloc's debt crisis, seeking to reassure G-8
members that are doing enough to contain financial turmoil that has spread from
Greece to Ireland, Portugal and Spain.
For now, the EU is "determined to stay the course" and continue its efforts to
cut deficits across the 27-nation union, while also honoring commitments made
to Greece, European Council President Herman Van Rompuy told reporters
yesterday.
"We will do whatever needed to guarantee the financial stability of the euro
zone," said Van Rompuy, who was joined at Camp David by EU President Jose
Barroso.
Almost $4 trillion was wiped from global equity markets this month amid
speculation that Greece will abandon the euro, while recession and loan losses
led Moody's Investors Services May 17 to downgrade 16 Spanish banks.
Greece is scheduled to hold elections on June 17, with an international rescue
and its future as one of 17 nations using the euro at stake. The nation's
credit rating was downgraded one level by Fitch Ratings on concerns that the
country won't be able to muster the political support to meet bailout terms.
Oil Reserves
Obama and the other G-8 leaders will also assess oil markets and the impact of
an EU embargo on Iranian oil that's set to begin July 1, U.S. National Security
Adviser Tom Donilon said on May 17. The U.S. and its allies are weighing the
use of strategic oil reserves to protect the global economy in the event the
embargo drives up the price of crude.
Crude oil for June delivery fell $1.08 to $91.48 a barrel on the New York
Mercantile Exchange, the lowest settlement since Oct. 26. Prices retreated 4.8
percent this week, and are down 7.4 percent this year on concern that Europe's
debt crunch will curb demand.
The International Energy Agency has no definite plan to release fuel from its
emergency reserves, David Fyfe, the head of its oil industry and markets
division, said at a conference in London yesterday. U.S. officials have
repeatedly said no decision has been made on using reserves in the U.S. and
Europe, which were last tapped in June 2011 to offset supply disruptions caused
by upheaval in the Middle East and North Africa.
Syria, North Korea
The G-8 includes the U.S., Canada, the U.K., Germany, France, Italy, Japan and
Russia. The EU also has two seats.
During last night's dinner, the leaders discussed the status of a six-point
peace plan for Syria put forward by United Nations envoy Kofi Annan, the U.S.
official said. The G-8 leaders recognized the need to move fast on a political
transition from the regime of Syrian President Bashar al-Assad, the U.S.
official said.
The meeting participants also affirmed the need for Iran to take concrete steps
to show that it's not pursuing nuclear technology for hostile purposes, and
they agreed that North Korea must be dissuaded from taking further provocative
actions with its missile and atomic programs, the official said.
NATO Summit
>From the G-8 meeting in rural Maryland, Obama and other leaders will travel
>tonight to Chicago for a North Atlantic Treaty Organization summit where a
>central topic will be a discussion of military issues, including funding and
>manpower to support Afghanistan after coalition forces leave at the end of
>2014.
In a speech yesterday before the G-8 summit began, Obama called for a new phase
of African farm aid as 45 companies worldwide including Cargill Inc. pledged
more than $3 billion to ease threats to global security posed by scarce
nutrition.
The "New Alliance for Food Security and Nutrition" has a goal of pulling 50
million people from poverty in the next 10 years, Obama said.
To contact the reporters on this story: Margaret Talev in Washington at
[email protected]; Kate Andersen Brower in Camp David, Maryland at
[email protected]
To contact the editor responsible for this story: Steven Komarow at
[email protected]
--- In [email protected], cuantraderidx@... wrote:
>
> Tadi baca di kompas sabtu kemaren tnyata G7 sudah melakukan pertemuan dan
> hasilnya sangat positif, semoga sentimen ini bisa membuat bursa regional
> kembali rebound senin.
>
> Salah satu yg saya baca kalo nda salah mereka akan memberi stimulus tambahan
> untuk mencegah terjadinya krisis. Cmiiw
> Sent from my BlackBerry® hasil cuan
>
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