[The Telegraph, U.K.]

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Group of Eight Now the ‘Clueless Eight’ (Die Tageszeitung, Germany)

“What U.S. President Obama, French President Hollande and Chancellor Merkel have produced at the G8 Summit isn’t worth the paper it’s printed on. Platitudes and formulaic compromises are meant to cover up the fact that they haven’t the foggiest notion how to resolve the euro crisis.”

By Eric Bonse

Translated By John Mades

May 20, 2012

Germany - Die Tageszeitung - Original Article (German)

It’s about time to rename the G8 the C8 - for “Clueless 8.” What U.S. President Obama, French President Hollande and Chancellor Merkel have produced at the G8 Summit isn’t worth the paper it’s printed on. Platitudes and formulaic compromises are meant to cover up the fact that the “Big Eight” aren’t united on a single important question and that they haven’t the foggiest notion how to resolve the euro crisis.

For sure, the meeting ended with a win on points for Obama, his new buddy Hollande and for the friends of economic growth. The word “growth” runs through the final communiqué like a red thread, leaving Merkel’s savings dogma shattered. Moreover, Hollande and Italian Prime Minister Monti are resolute in their determination to soften the E.U.’s austerity measures. Future deficit reduction will take into account the national circumstances; the times for cutting with a lawnmower are at an end.

However, the eurozone’s most acute problems remain unresolved. What will become of Greece? How about the Spanish banks? What if citizens in the most crisis hit countries lose confidence and raid the bank accounts, as has occurred in Athens? How can we ensure that the credit rating agencies will preserve the peace rather than further fueling the crisis with new downgrades - as happened last week?

Posted by Worldmeets.US

SEE ALSO ON THIS:

Knack, Belgium: Days of ‘Superfluous’ G8 are Numbered

Die Zeit, Germany: Price of NATO Survival: Diminished Sovereignty
Die Welt, Germany: Euro Crisis Turns Germany into Europe's United States
Le Figaro, France: To Save Euro, 'United States of Europe' Must Be Formed
Le Monde, France: Francois Hollande: A French Socialist in Washington
Le Figaro, France: Obama, Hollande Say What Merkel Doesn’t Want to Hear
Le Figaro, France: No Panic Across Atlantic, But ‘Contentious Issues’ Await
White House, U.S.: VIDEO: Obama Welcomes Hollande to the White House
Die Welt, Germany: Romney, Obama and the Future of Europe
Toronto Star, Canada: After Afghanistan, NATO Should Reform or 'Call it Quits'
Deutsche Welle, Germany: NATO Summit to Debate Global-Policeman Role
Deutsche Welle, Germany : Why Moscow says 'Nyet' to NATO Defense System
Guardian, U.K.: Obama Caught Between Competing Visions for Fixing Eurozone Crisis
Moscow Times, Russia : Why Putin Skipped Out on G8 Summit

Ruusia Today, Russia: VIDEO - Demonstrators Descend for G8 'Showdown'  

Most of these questions weren’t even mentioned once at Camp David. The stability of the market was no more a theme than the run on the banks. And since Greece wasn’t rescued, their chances of being booted out of the euro have risen even after Camp David. For on this question Merkel made herself clear: Only if the Greeks swallow the austerity measures will they be allowed to keep the Euro.

The vote in Athens on June 17th is becoming a fateful one. How things will play out after that, the G8 didn’t say. The meeting of the “Clueless 8” leaves behind, above all: bewilderment.