G8 Faces Uncertain Recoveries, Turbulent Markets
By DAVID McHUGH and SHAWN POGATCHNIK
ENNISKILLEN, Northern Ireland (AP) â¿¿ Europe is mired in debt and recession. Financial markets have hit violent ups and downs on fears that U.S. stimulus efforts may soon be scaled back. Japan is finally looking up after years of stagnation â¿¿ but it remains an open question if the recovery will stick.
That's the global economy that will confront the heads of the Group of Eight leading economies as they gather Monday and Tuesday for their annual summit in Northern Ireland.
British Prime Minister David Cameron will serve as summit host for U.S. President Barack Obama and the leaders of Germany, Italy, Canada, France, Japan and Russia. At the top of the agenda: New cooperation to fight tax evasion and increase transparency among governments. Also on the table will be how much help to give to rebels in Syria, and a push for lower trade barriers between the United States and the European Union.On the sidelines and over dinner, it's expected that the discussions will broaden to include the election results in Iran and data protection, following revelations about a U.S. counterterror surveillance program. As always, the summit takes place under heavy security, guarded by 8,000 police backed by water cannon. The venue itself is surrounded by extensive security fences, and on three sides by water. There's only one access road to the closest town, Enniskillen, some 5 miles (8 kilometers) away. While its peace process has been hailed worldwide as a success story, Northern Ireland remains a society troubled by deep-seated divisions between Catholics and Protestants. Officials have said trouble away from the summit site can't be ruled out. Additionally, thousands of anti-capitalist and labor union protesters are expected to march from the town to the summit fence on Monday. Since last year's G-8 meeting at Camp David in the U.S., there has been a modest economic upswing throughout the developed world and prospects are brighter after five years of turbulence and recession. Yet despite progress, the economic outlook remains fraught with uncertainties.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV