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See more Top images of April Follow Reuters Facebook Twitter RSS YouTube Read Strong quake hits North Italy, at least three dead 4:07am EDT Top Republican woman in Congress becomes a force 18 May 2012 Status update: Facebook's Mark Zuckerberg gets married 12:51am EDT World leaders back Greece, vow to combat financial turmoil | 19 May 2012 UPDATE 3-Status update: Facebook's Mark Zuckerberg gets married 12:50am EDT Discussed 158 Germany’s Merkel dealt heavy blow in state vote 157 Iran attack decision nears, Israeli elite locks down 111 Obama presses ailing Europe to focus on growth Watched Anti-capitalists protest in Frankfurt Sat, May 19 2012 A look at the UK’s most beautiful face Thu, May 10 2012 Blind Chinese dissident arrives in U.S. Sat, May 19 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Transgendered beauty Transgendered contestant Jenna Talackova takes part in Miss Universe Canada. Slideshow Inside Facebook A behind the scenes look at Facebook. Slideshow World leaders back Greece, vow to combat financial turmoil Tweet Share this Email Print Related News Obama warns of euro zone threat, welcomes growth focus Sat, May 19 2012 Italy's Monti shows G8 bank guarantee plan: report Sat, May 19 2012 France's Hollande says G8 agree on Annan Syria peace mission Sat, May 19 2012 G8 committed to keeping oil markets supplied: U.S. Sat, May 19 2012 Obama, UK's Cameron hit the diplomatic treadmill Sat, May 19 2012 France's Hollande to make Eurobond proposals at EU summit Sat, May 19 2012 Analysis & Opinion Guestview: What they are not talking about at Camp Davidâ€™s G8 meeting Hollande-Merkel agenda is more Greece than growth Related Topics World » Greece » Euro Zone » Related Video G8 Class photo Sat, May 19 2012 1 of 10. Italy's Prime Minister Mario Monti, U.S. President Barack Obama, Britain's Prime Minister David Cameron, Russia's Prime Minister Dmitry Medvedev and Germany's Chancellor Angela Merkel (L-R) speak at the start of the first working session of the G8 Summit at Camp David, Maryland, May 19, 2012. Credit: Reuters/Bundesregierung/Guido Bergmann/Pool By Jeff Mason and Laura MacInnis CAMP DAVID, Maryland | Sat May 19, 2012 8:28pm EDT CAMP DAVID, Maryland (Reuters) - World leaders backed keeping Greece in the euro zone on Saturday and vowed to take all steps necessary to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis. A summit of the G8 leading industrialized nations came down solidly in favor of a push to balance European austerity - an approach long driven by German Chancellor Angela Merkel - with a new dose of U.S.-style stimulus seen as vital to healing ailing euro-zone economies. But it was clear that divisions remained. "We commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us," the leaders said in a joint statement issued at their meeting at the Camp David presidential retreat in Maryland. The overarching message from the summit hosted by President Barack Obama reflected his own concerns that the euro-zone contagion, which threatens the future of Europe's 17-country single currency bloc, could hurt the fragile U.S. recovery and his re-election chances in November. With Greece's political and economic upheaval high on the summit's agenda and stoking concerns over instability in Spain and Italy, Group of Eight leaders sought to calm the situation. In the first line of their final economic communique, they essentially endorsed calls to broaden Europe's focus beyond German-backed belt-tightening, calling it "our imperative" to promote growth. Anxious to quell investor fears, the G8 said: "We reaffirm our interest in Greece remaining in the euro zone while respecting its commitments." But leaders offered no specific prescription for extracting Athens from its worsening crisis. It was unusual for the often-bland G8 communique to single out a relatively small nation. But fears that a political stalemate in Greece would lead to its departure from Europe's monetary union at unknown costs to the financial system and global economic stability have spooked markets. Greek voters this month toppled a government that had agreed to painfully austere terms of an international bailout plan, and uncertainty hangs over the next election set for June 17. Spain too has roiled markets by revealing huge bad loans in its banking system as it struggles to rein in its budget while facing recession. Merkel, increasingly isolated by a French-led push for a more growth-oriented approach, sought to play down the differences, saying: "Solid finances and growth belong inseparably together and should not be put into contrast." Obama, who has pressed Europe for more growth-boosting measures like those he pursued at home, used his closing statement to remind euro-zone leaders that the stakes were high and there could be "enormous" costs if they failed. "Growth and jobs must be our top priority," he said, reaffirming that Europe has the capacity to meet the challenge. Marc Chandler, currency strategist at Brown Brothers Harriman, said: "It is significant that a group as weighty as the G8 backs Greece and reinforces the idea that Europe needs a strong union. It strengthens its hand." In another move to shore up shaky global growth, the G8 leaders said they would monitor oil markets closely and stand ready to seek an increase in supplies if needed. While crude oil prices have declined by 10 percent over the past month, the threat of tighter sanctions on Iran loom next month. The G8 said the global economic recovery shows promising signs but "significant headwinds persist." CASUAL SETTING, TENSE ISSUES The mountain cabins at Camp David where a shirt-sleeved Obama hosted the G8 leaders contrasted with recent tense meetings in European capitals about a sovereign debt crisis that just keeps getting worse. The economic communique endorsed a recent political shift away from the budget-cutting austerity that has been championed by Merkel and British Prime Minister David Cameron as the route to prosperity. Instead it recognized a need to combine budgetary discipline with a growth strategy. This strengthens the hand of newly elected socialist French President Francois Hollande before a crucial European Union dinner on Wednesday to discuss growth. Cameron, after an early morning gym workout with Obama, said he detected a "growing sense of urgency that action needs to be taken" on the euro zone crisis. London relies heavily on international finance and banking instability would strike a fresh blow to an economy already in recession. "Contingency plans need to be put in place and the strengthening of banks, governance, firewalls - all of those things need to take place very fast," he told reporters. European leaders seemed keen to stress that they would stand firm in protecting their banks, after news of escalating bad loans raised the specter that rescuing Spain's banks would crash the euro zone's fourth largest economy. Hollande suggested using European funds to inject capital into Spain's banks, which would mark a significant acceleration of EU rescue efforts. But there was no direct mention of Spain in the communique or any indication of action leaders would take to combat the financial stresses. GERMANY SOFTENING ON AUSTERITY There already were signs of a softening in Germany's austerity stance as the meeting began. Germany's largest industrial union, IG Metall, struck its biggest pay deal in 20 years early on Saturday. The 4.3 percent pay increase, more than double Germany's inflation rate, will boost worker buying power in the euro zone's richest nation and lift consumption. That is something the United States has urged as a means to bolster overall growth throughout the world's second largest economic region. G8 leaders also raised pressure on Iran over its nuclear program, which they suspect has military objectives, by committing to a common approach. They pledged to implement sanctions fully against Tehran and indicated they would act together to lower oil prices if needed. "Our hope is that we can resolve this issue in a peaceful fashion that respects Iran's sovereignty and its rights in the international community, but also recognizes its responsibilities," Obama told reporters. The Camp David summit kicked off four days of intensive diplomacy that will test world leaders' ability to quell unease over the threat of another financial meltdown as well as plans to wind down the unpopular war in Afghanistan. After the Camp David talks, Obama and several of the G8 leaders headed to his home town of Chicago where he will host a two-day NATO meeting at which the Afghanistan war will be the central topic. (Additional reporting by Alister Bull, Jeff Mason, Caren Bohan, Stella Dawson, Elizabeth Pineau, Gleb Bryanski, and John Irish; Writing by Stella Dawson; Editing by Mary Milliken and Christopher Wilson) World Greece Euro Zone Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (12) Dragos111 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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