Video: Obama urges G8 leaders to drive economy

  1. Closed captioning of: Obama urges G8 leaders to drive economy

    >>> as though protests continue in the windy city , the president and seven other world leaders are finishing up their work at camp david , maryland, where they have been tackling the economic crisis in greece and across europe along with tensions in iran and the price of oil. nbc's mike vickara reports.

    >> reporter: with the economy in europe again on the brink and fear that the contagen could spread here, president obama looks at new ways to spur growth.

    >> growth and jobs must be our top priority. a stable growing european economy is in everybody's best interest.

    >> reporter: as the president welcomed leaders to the camp david summit , a reminder that economic downturn can change the political landscape. three new leaders from italy, japan, and francis francois hollande , in office just a week, were greeted by mr. obama. while the german leader angela merkel , leader of europe 's biggest and strongest economy, was somber. among the greek bail-out deal made in exchange for deep domestic spending cuts now in doubt after greek voters ousted their leaders. the result? turmoil that many believe will lead to a greek exit from the euro zone . today leaders here insist that will nothappen. mr. obama has a new ally in hollande, who road to victory in part thanks to an anti-austerity backlash, but so far no concrete agreement.

    >> president obama has a huge stake in it because if europe blows up in a serious manner in the next few months, it will have knock-on condefenses on global financial markets , on the u.s., and on his election.

    >> reporter: another danger, the price of energy. sanctions on iranian oil going to force this summer bringing fears of another price spike. in an unusual move made to calm worried markets. today allies broadly hinted they will release strategic reserves if needed.

    >> they are ready to act.

    >> reporter: and, lester, as the president was here at camp david meeting with g8 leaders, first lady michelle obama was back at the white house . she had a lunch featuring white house vegetable from their own garden. lester.

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