G-8 leaders put focus on European financial crisis

G-8 leaders put focus on European financial crisis

CAMP DAVID, Md. â€" Leaders of the major industrialized nations are prodding Germany to balance its push for European fiscal austerity with doses of stimulus spending to avoid an economic calamity that could reverberate worldwide.

Facing economic and political pressures at home, President Barack Obama and leaders of Germany, France, Canada, Italy, Great Britain, Russia, and Japan are huddling in the casual setting of Camp David's Laurel Lodge looking to build consensus even though a decisive plan of action seemed out of reach at this point.

Obama established the tone for the G-8 Friday after meeting with just-elected French President Francois Hollande, declaring that the aim of the summit is to promote both fiscal consolidation and a "strong growth agenda."

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