World leaders all set for G8 summit in US

Group of Eight (G8) summit on which leaders of industrialized nations- Britain, Canada, France, Germany, Italy, Japan, Russia and the US are together, started on Friday at Camp David in Maryland, US.

This get together moment will consider the debate over issues such as the Syria, the eurozone crisis, Iran nuclear talk, global energy and food security.

According to U.S. official source saying, G8 leaders on Friday starting with issue of Inran that it needs to disclose more about its nuclear ambitions and that it was time to focus on a political transition in Syria.

After joining dinner, being hosted by U.S. President Barack Obama, group will on Saturday discuss about the euro zone crisis and other economic market issues.

Europe’s sovereign debt crisis has risen after recent elections in Greece and France has followed. All the stock market has gone negative in worldwide that threatened crisis the US economy and also Obama to have chances of re-election.

Source said, it is believed that there will be confusion for the leaders to make a choice between economic growth and fiscal discipline, given the substantial differences between German Chancellor Angela Merkel and new French President Francois Hollande.

Fearing from the action of German Chancellor Angela Merkel, the champion of an austerity-first approach, Obama firstly greeted Merkel and other leaders after dinner. And then he described that events in Europe held “extraordinary” importance for the US, “a responsible approach to fiscal consolidation that is coupled with a strong growth agenda”.

It has been said that at if anti-austerity parties win, the rest of Europe economy will spell an exit from the eurozone. It is difficult to recover the two-years of painful cuts demanded by Germany and others have undercut Greek growth.

“We need to take action for growth while staying the course in terms of putting our public finances in order. Stability and growth go together, they are two sides of the same coin,” European Commission chief Jose Manuel Barroso said, source reported.

Moreover, leaders will also describe an agreement on “the need to move rapidly toward a plan for political transition within Syria” and plans to hold a uniform effort in approaching Baghdad talks next week. After ending of G8 summit on Saturday afternoon, Obama and several of the other leaders will head to Chicago for a NATO summit.

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