Unless leaders in Europe act quickly, the financial crisis there could drag down the global economy and kill what appears to be a "fragile, extremely uneven" recovery, the multi-national Organization for Economic Cooperation and Development warned today.
At the G-8 summit Saturday, French President Francois Hollande said he wanted Greece to stay in the eurozone and expected the country to meet its commitments. In saying so, Hollande identified the difficult debate which has gripped Greece for months now.
Most Greeks want to keep the euro as their currency. Most also want to cancel the eurozone-imposed austerity measures that come with the billions in international bailout loans keeping the country solvent.
Camp David, in the Maryland hills outside Washington, D.C., is usually a place for the president and his family to get away from work, a wooded refuge with a swimming pool, tennis courts and a putting green.
This weekend, though, President Obama is bringing work with him to the camp — along with the leaders from most of the countries with the world's largest economies.
The Group of Eight is meeting in the rustic setting, but the agenda will be all business.
Euros are being drained out of Greek banks at a rate of up to $1 billion a day this week. In the wake of the country's election turmoil, depositors are nervous about the heightened possibility of a Greek exit from the euro. If that were to happen, euros left in Greek banks could be worth much less than euros outside the country.
A German man, who says he was mistakenly shipped to a secret prison in Afghanistan as part of the CIA's "extraordinary rendition" program, took the stand at the European Union's human rights court today.
After unsuccessfully seeking redress in the U.S. and Germany, Khaled El-Masri is suing Macedonia, where he was allegedly kidnapped. El-Masri argued that the country was callous and calculating when it turned him over to the U.S. This hearing could also mark the end of the legal road for a case that spans eight years.