G8 summit: What we learnt

 

Angela Merkel stands alone

The German leader came under immense pressure from David Cameron and Barack Obama to come up with a new plan to help Europe emerge from the crisis that encourages growth. While Ms Merkel wants Greece's continued membership in the eurozone tied to Athens meeting tough austerity measures laid out in its bailout programme, other G8 leaders are calling for a softer approach. The final communiqué issued by the summit stressed "our imperative to create growth and jobs" – a line that, according to reports, Germany had to be talked into agreeing.

More oil, please

The G8 leaders said they would monitor oil markets closely and stand ready to seek an increase in supplies if needed. While crude oil prices have declined by 10 per cent over the past month, the threat of tighter sanctions on Iran looms next month.

Jog together, stay together

Before their talks about the eurozone and the world economy, Mr Cameron and Mr Obama took to treadmills for informal talks in the gym at Camp David. The two worked out for 35 minutes before heading back to their respective cabins.

No referendum for Greece

Ms Merkel apparently waded into Greece's choppy political waters during the summit, with Athens saying that the Chancellor had suggested Greece should hold a referendum on the euro together with next month's national elections. But a government spokesman, Dimitris Tsiodras, ruled out the idea, which he said Ms Merkel floated during a phone call with the Greek President, Karolos Papoulias, earlier in the day.

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