News Summary: G-8 seeks to corral Europe crisis

AP News
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Posted: May 18, 2012 1:14 PM
News Summary: G-8 seeks to corral Europe crisis

WEEKEND MEETING: Leaders of eight of the world's biggest economies meet this weekend outside Washington, seeking to keep Europe's debt crisis from spiraling out of control.

JITTERY MARKETS: The turmoil in Greece is draining confidence in the 17 countries that use the euro. Borrowing costs are up for the most indebted governments. Depositors and investors are fleeing banks seen as weak.

QUESTION OF TACTICS: Representatives of the G8 _ the U.S., Germany, France, Britain, Japan, Russia, Italy and Canada _ head to Camp David amid disagreements over how to bolster Europe's economy and avoid a broader financial catastrophe.