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World's leaders discuss Europe's economic woes

Sunday, May 20, 2012 - 01:59

May 19 - U.S. President Obama says 'stable, growing European economy is in everybody's best interest' at meeting of world leaders outside of Washington. Deborah Gembara reports.

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At a meeting of world leaders outside of Washington ---- the emphasis was on spurring growth and creating jobs especially in Europe. SOUNDBITE: U.S. President Barack Obama saying: "As all of the leaders here today agreed, growth and jobs must be our top priority. A stable, growing European economy is in everybody's best interest including America's. Europe is are biggest economic partner. Put simply, if a company is forced to cut back in Paris or Madrid that might mean less business for manufacturers in Pittsburgh or Milwaukee." At the presidential retreat Camp David, G8 leaders spent the majority of their time focused on Europe's economic woes. German Chancellor Angela Merkel. SOUNDBITE: German Chancellor Angela Merkel saying (German): "We completely agreed that we need both - fiscal discipline, restructuring of our budgets and at the same time all efforts for growth. The two determine each other, that means it is important to work on both tracks. All participants made this clear here today and I think that is significant progress." Many in this group say they want to keep Greece in the euro zone and will be paying close attention to the upcoming elections in Athens. French president Francois Hollande. SOUNDBITE: French president Francois Hollande saying (French): "The message which I wanted to bring, which I will reaffirm on Tuesday with Angela Merkel, is the wish that Greece remains in the euro zone and respects its engagements, but aided and supported by Europe to stimulate its growth." The world's most powerful leaders also took a moment to pose for a class photo. From here, they are headed to the NATO Summit in Chicago. Deborah Gembara, Reuters.

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World's leaders discuss Europe's economic woes

Sunday, May 20, 2012 - 01:59