Saturday, May 19, 2012

Germany isolated over euro crisis plan at G8 meeting in Camp David

Barack Obama and David Cameron want German chancellor Angela Merkel to set out a clear path forward for Europe

Barack Obama and David Cameron have clashed with the German chancellor Angela Merkel at the G8 summit in Camp David, demanding she set out a clear path for Europe to emerge from its current crisis.

The German leader resisted pressure for fresh measures that would include looser monetary policy for the European Central Bank, enabling quantitative easing similar to that deployed by the Federal Reserve and the Bank of England.

Obama and Cameron discussed their joint position at a G8 summit in Camp David during a 7am meeting held on a treadmill, possibly the first UK-US bilateral to be conducted in a gym.

With pressure growing for world leaders to come up with a decisive plan for solving the crisis, it emerged the Germans were resisting the inclusion of details in the final communiqué about the best course of action for the eurozone. Read More