DIANE
SAWYER (ABC NEWS)(OC): And now, we move on to your money and the momentary sigh of relief
for every American with a 401
(K). The voters of Greece this
weekend decided to stay the course
in Europe, sparing the
US stock
market and
those around the globe a wild upheaval.
DIANE
SAWYER (ABC NEWS)(VO): The Dow closed just down 25 points today. But there is always that question, is another big
jolt around the
corner? And we have
team coverage
tonight with the President and world at the economic summit in Mexico and in Greece
where voters
narrowly
brought
the world back
from the brink.
DIANE
SAWYER (ABC NEWS)(VO): Here's ABC's Nick Schifrin starting us off, Nick?
NICK
SCHIFRIN (ABC NEWS)(OC): Diane, despite the collective sigh of relief that Greeks
voted to
stay with
the Euro
do not be fooled. There is an
Olympian-sized crisis here.
DIANE
SAWYER (ABC NEWS)(VO): Unemployment is 22%.
NICK
SCHIFRIN (ABC NEWS)(VO): Youth unemployment is 51%. And here, in the main business areas of
Athens, a third of all shops have closed.
And the
government is supposed to deliver even more cuts.
NICK
SCHIFRIN (ABC NEWS)(VO): Slash 150,000
of its own workers,
cut $14 billion from its budget in order to get new loans. Without those loans, this
country will be broke in just a few weeks.
NICK
SCHIFRIN (ABC NEWS)(OC): And if that happens, expect the
shockwaves
to go into American
businesses
and 401 (K). Diane?
DIANE
SAWYER (ABC NEWS)(OC): Okay, Nick, thank you for painting the portrait of
Greece tonight.
DIANE
SAWYER (ABC NEWS)(OC): And that's exactly the urgent type of conversation
underway at the economic summit in Mexico, where President Obama is trying to
persuade European leaders to create more stability by taking bold action. Even as the President of Russia threw the
President of the United States an
icy curveball. ABC's Jake Tapper is there.
JAKE
TAPPER (ABC NEWS)(VO): President Obama knows that the US economy and thus his reelection
chances may be
seriously infected
by the contagion
spreading
from Greece to Spain and elsewhere, if
this problem is not contained. The election
results in Greece had him breathe a sigh of relief.
PRESIDENT
BARACK OBAMA (UNITED STATES): The election in Greece yesterday indicates a
positive prospect for not only them forming a government, but also them working
constructively with their international partners.
JAKE TAPPER
(ABC NEWS)(VO) But the President knows the road to solve the European economic
crisis remains long and arduous.
JAKE
TAPPER (ABC NEWS)(VO): Already US exports to Europe have slowed.
JAKE
TAPPER (ABC NEWS)(VO): Mr Obama is pushing Europe to stop applying temporary band-aids
as crises
erupt. But it's been like herding cats to
get all 17 Eurozone countries to agree on anything meaningful.
JAKE
TAPPER (ABC NEWS)(VO): Such as establishing
one powerful
organization
to police
and ensure
all the banks throughout the 17-country Eurozone. But if
body language and scowls are any gauge, dealing with the economic mess must have been like
sunbathing on a beach here in Los Cabos, compared to President Obama's two-hour
meeting with Russian president Vladimir Putin.
Putin is not
exactly warm
and giggly,
but the
dour expressions
and lack of eye contact seem to personalize the serious tensions between the
two men over Russia's continued aid to the Syrian government as it slaughters
its own citizens, including children in the street.
JAKE
TAPPER (ABC NEWS)(OC): US officials pushed back on the notion that the body
language between President Obama and Putin meant anything. They insisted the meeting was business-like
and progress on Syria was made. Diane?