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Friday, August 9, 2013

Obama calls on Greece to balance growth, austerity

Capping an afternoon meeting in the Oval Office, Obama commended Greek Prime Minister Antonis Samaras for pursuing bold, sweeping structural reforms to deal with its debt burden.

Greece is seeking to pull itself out of a 6-year-old recession but still faces major economic troubles.

Since 2010, Greece has been surviving on money from a $319 billion bailout package put together by the Washington-based International Monetary Fund and European lenders.

Germany and other E.U. nations that had to bail out their neighbors to prevent further damage to the regional economy have pressed Greece and other high-debt nations to focus on reducing their debt to restore market confidence and lower government borrowing costs.

Defense cooperation, counterterrorism and a proposed free trade agreement between the U.S. and Europe were also on the agenda during the Greek leader's visit to the U.S. Amid major unrest in Egypt and Syria, and an al-Qaida threat emanating from the Arabian Peninsula that has shuttered more than a dozen U.S. diplomatic posts, Obama touted the role a secure Greece can play in mitigating tensions.

READ THE ORIGINAL POST AT www.sfgate.com