June 18th, 2012
03:51 PM ET

G-20 nations must 'do what's necessary' to boost world economy, Obama says

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Los Cabos, Mexico (CNN) - U.S. President Barack Obama on Monday welcomed the results of the Greek election as he prepared to join other world leaders at a summit aimed at boosting a sluggish global economic recovery.

Officially, the G-20 Summit in Los Cabos, Mexico, will largely focus on one of the primary causes of the recovery's lethargy - the threat of a European currency collapse that would roil the already fragile economies of most of the 17 countries that use the euro.

"The world is concerned about the slowing of growth that has taken place," Obama said Monday before the start of the summit, following one-on-one-talks with host President Felipe Calderon of Mexico. " A lot of attention has been centered on Europe. Now is the time, as we've discussed, to make sure that all of us join to do what's necessary to stabilize the world financial system, to avoid protectionism, to ensure that we are working hand-in-hand to both grow the economy and create jobs while taking a responsible approach long term and medium term towards our fiscal structures."

However, the summit was not expected to produce concrete commitments, and European Union President Jose Manuel Barroso made clear Monday that European nations were not there to be lectured on how to proceed.

"This crisis was not originated in Europe. .... This crisis was originated in North America," Barroso said. "And many of our financial sector were contaminated by - how can I put it - unorthodox practice from some sectors of the financial market. But we are not putting the blame on our partners. What we are saying is let's work together when we have a global problem like the one we have today. "

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Topics: G-20 • President Obama • Russia • Syria

soundoff (13 Responses)
  1. RealityBites

    ie..., print more money now, worry about your grandchildren later.

    June 18, 2012 at 3:58 pm |
    • DEcember 2012

      WE SHOULD ALL BE WORRIED WHEN YOU DECIDE TO PROCREATE.

      HAHAHAHAHAHAHA!!!!

      June 18, 2012 at 5:39 pm |
  2. Frank Marshall Davis

    As if Obama has any credibility to tell other nations what to do. He's ruined our economy already.

    June 18, 2012 at 6:17 pm |
    • DEcember 2012

      NO, YOU RUINED YOUR ECONOMY! AREN'T REPUBLITARDS ALL ABOUT PERSONAL RESPONSIBILITY? FOR SHAME.

      HAHAHAHAHAHAHA!!!!

      June 19, 2012 at 10:45 am |
  3. fazsha

    "Do what's necessary"? What does that mean; is that code for something? Why is he not exact on what he wants done? How about breaking up the big banks, Mr. President, instead of using our money to bail them out? How about no free handouts of money for no reason? How about saying "good luck, but this is your problem, Europe"?

    June 19, 2012 at 2:09 am |
  4. rangutan

    I like Barosso's statement: ... the Euro-crisis was caused by non-orthodox financial methods in America in 2008... without the stable Euro, the world would be in much MORE financial chaos on the back of a wobbly dollar. The wheels would have come off! RRG2012

    June 19, 2012 at 5:17 am |
  5. jerry

    and obama speaks...so they cover their mouths and giggle. A second rate law lecturer and community organizer tells world leaders what they should do...idiot.

    June 19, 2012 at 9:55 am |
    • DEcember 2012

      YOU REALLY THINK THESE EURO MORONS HAVE ANY ROOM TO LAUGH AT ANYONE ELSE? IF SO THEN THE ONLY IDIOT HERE IS YOU. SHIP YOUR STUPID-A-S-S BACK TO EUROPE.

      HAHAHAHAHAHAHA!!!

      June 19, 2012 at 10:43 am |
      • Howard

        A two bit community organizer, who has always been on the public dole, who has squandered over 5 trillion dollars of other people's money in just 3 1/2 years, and who has never had a real job in his entire life, is the last person anybody should listen to for economic advice !!!

        June 19, 2012 at 12:05 pm |
      • DEcember 2012

        SOUNDS TO ME LIKE A COMMUNITY ORGANIZER IS EXACTLY WHAT THEY NEED SINCE THEY ARE NOW A DISORGANIZED RABBLE OF CHILDREN. OF COURSE WE COULD JUST SEND MITT ROMNEY OVER THERE SO HE CAN BE CLOSER TO HIS SWISS BANK ACCOUNTS.

        HAHAHAHAHAHAHA!!!!!

        June 19, 2012 at 1:15 pm |
  6. Jay in NC

    What is necessary is to fire Obama and hire a real CEO for this country, Gov. Romney.

    Go back and look at the true unemployment numbers. You will see that the crisis happen after Obama was elected. Businesses and governments panicked, dropped workers. Take a look and I will bet you will pick any month of President Bush's years over the current presidents.

    http://data.bls.gov/timeseries/LNS14000000

    Who do you want running your company (the nation) a has-been community organizer, beer summit, cocaine using, dog eating, egomaniac or a sound business man?

    The choice is so obvious it is amazing how the hanger-nos still have hope and dreams.

    June 19, 2012 at 3:37 pm |
    • DEcember 2012

      A REAL BUSINESS MAN GOT US INTO THIS MESS. HIS NAME IS DUBYA. SO MUCH FOR THAT THEORY!!!

      HAHAHAHAHAHAHAHA!!!!!

      June 19, 2012 at 5:00 pm |
  7. Gimmeabreak!

    Obama: "Must do what's necessary." Wow, just wow - I am totally underwhelmed! Give the man another Nobel Prize!

    June 19, 2012 at 6:14 pm |