G8 Summit: EU economic woes dominate agenda

CAMP DAVID: US President Barack Obama pledged at the Group of Eight (G8) summit on Saturday to work with Europe on a package that balances growth with debt reduction as world leaders try to prevent the worsening euro zone crisis from destabilising the global economy. Leaders from major economic powers are seeking ways to soothe financial markets after worries about Spain’s banking problems and the risk of a Greek exit from the euro zone sent world stocks to their lowest levels this year. European Union leaders seemed keen to stress that they would stand firm in protecting their banks, after news of escalating bad loans raised the spectre that rescuing Spain’s banks would crash the euro zone’s fourth largest economy.

Published in The Express Tribune, May 20^th, 2012.