Could not find file 'C:\nwenation\newnation\news_image\daily_news\20130619\bU 6.jpg'. June 19, 2013 | 09:05 AM (BD Time) 19 June, 2013 Wednesday Breaking News: Obama opens 24-hour trip to Germany ; NSA director says plot against Wall Street foiled ; Israeli premier: pressure on Iran must continue ; DCC elections after Eid-ul-Fitr : EC ; Indefinite transport strike continues in Khulna ; 18-party to stage demo countrywide on June 22 ; One killed in Jamalpur ‘by brother’ Euro debt woes darken mood for G8 summit . AFP, Washington Dashed hopes that Europe may be escaping its debt crisis will darken the mood Friday as President Barack Obama welcomes leaders of the G8 rich nations club to a summit at his Camp David retreat. Greece and Spain are again stoking speculation that financial woes in Europe could leap across the Atlantic and slow the already stuttering US economy and directly impact Obama's chances of winning reelection in November. As he welcomes his guests to the secluded collection of cabins in the Catoctin Mountains in Maryland, Obama will get a first-hand look at the consequences facing politicians who get blamed for economic woes. Since the last G8 summit a year ago in Deauville, France's Nicolas Sarkozy and Italy's Silvio Berlusconi have both paid for the economic woes gripping their nations with their jobs. German Chancellor Angela Merkel meanwhile just suffered what she admitted was a "bitter, painful" defeat in regional elections attributed partly to her insistence that austerity policies remain the best route out of crisis. The summit will be the first major international gathering attended by France's new president Francois Hollande and will mark the G8 debut of Italian Prime Minister Mario Monti and Japanese Prime Minister Yoshihiko Noda. But one eagerly awaited "new" face will not be coming. Russia's once and current President Vladimir Putin decided to stay at home to pilot his new cabinet through the fast shifting sands of Russian politics. The leaders will meet at a time of growing concern over Europe's plight, with the eurozone back in recession, and regional leaders demanding Greece stick to its debt rescue deal or risk exiting the euro. Spain's banks meanwhile are under severe strain and there are doubts whether the government can reach its deficit reduction targets. Europe's prolonged fiscal torture has fueled claims that the austerity driven approach to the crisis pursued in Europe has not worked. Though the election of Hollande, who wants more measures to promote growth in Europe, has added to uncertainty in the euro zone-a factor which worries the Obama campaign-he may be an ally for the US president on economic theory. The summit "will be an opportunity for the United States, with France, Italy and perhaps the UK to work on the Germans to be more flexible with respect to reflating their economy, letting their wages rise," said Uri Dadush, of the Carnegie Endowment for International Peace. But few analysts expect this G8 summit to produce a sudden change of Germany's position on the best way to tackle the euro crisis or a change of approach by the European Central Bank. "If you are looking for dramatic actions or statements on the euro zone, or frankly anything else then I think you will be disappointed," said Matthew Goodman, former director for international economics on the National Security Council. "It is not going to be that type of summit, it will be more of a conversation than an action forcing event," said Goodman, now with the Center for Strategic and International Studies. Washington insists it is confident Europe can contain its crisis, though there has been private frustration that Obama's electoral hopes could be hurt by a deepening of the crisis in Europe, a key US export market. But US leverage is diminished because Obama, in a tough reelection fight, has made clear Washington will not pump funds into any euro rescue plans. Obama also hopes to use the G8 summit to preview his new scheme to improve food security and agricultural development in Africa. He has invited the leaders of Benin, Ethiopia, Ghana and Tanzania to the summit on Saturday to highlight the initiative, which he will roll out in a formal speech the day before. The US leader will also likely use the G8 summit to push for more action against Syria's President Bashar al-Assad as a crackdown on an uprising threatens to degenerate into civil war. Russia, represented at Camp David in the absence of Putin by former president and current Prime Minister Dmitry Medvedev, has vetoed two UN Security Council resolutions against the Damascus government. The leaders will also hone strategy ahead of new talks between global powers and Iran on its nuclear program in Baghdad next week and discuss whether to lift sanctions on Myanmar as an incentive to lock in recent reforms. They will likely also warn North Korea not to follow up its failed missile launch with a new nuclear test and discuss plans to transition security control to Afghan forces, ahead of the NATO summit in Chicago starting on Sunday. 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