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Global economy set to dominate G8 summit

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Global economy set to dominate G8 summit


Camp David will be a hub of activity on Friday when leaders from France, Germany, Italy, Japan, Russia, Canada and the EU converge on Washington state for the G8 meeting at President Obama’s invitation.

At last year’s summit in France, the eurozone crisis dominated talks. This year looks no different.

The euro remains unstable due to the failure of Greece to form a coalition government and continue its austerity push. Fitch has downgraded Greece’s credit rating to the lowest status above default and talks of a euro exit loom large.

The ongoing unrest in Syria will also be on the agenda. As the body count continues to rise, some fear the absence of Russian President Putin may stifle progress on the issue.

Our correspondent in Washington, Stefan Grobe, has the low-down.

“This summit is like a family reunion for Barack Obama, one that was planned a long time in advance, but that you would like to cancel, as Obama has more pressing issues to attend to. It is mainly the European relatives, who are dampening the mood at the family reunion. You have Mario Monti, who symbolizes the debt crisis. You have Angela Merkel, who the Americans see as the main obstacle to a growth-inducing policy. And you have François Hollande, the newest member of the family, who you still have to get to know. So, a G8 Summit where you don’t know what it will bring….But this is often the case with family reunions. “

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