BLUE ANGELS FLY OVER BOSTON HARBOR JULY 4, 2012

FROM:  U.S. NAVY
The U.S. Navy Flight Demonstration Squadron, the Blue Angels, flies over USS Constitution during the ship's annual turn-around cruise on July 4th as part of the Boston Navy Week 2012. This celebration is one of 15 signature events planned across America in 2012. The eight-day long event commemorates the Bicentennial of the War of 1812, hosting service members from the U.S. Navy, Marine Corps and Coast Guard and coalition ships from around the world. U.S. Navy photo by Mass Communication Specialist 3rd Class Billy Ho (Released) 120704-N-QL471-193

C-130 AIRCRAFT CREWS CONTINUE FIGHTING FIRES

Photo:  Colorado Wildfire.  Credit:  U.S. Air Force.

FROM:  AMERICAN FORCES PRESS SERVICE

Military C-130 Crews Continue Firefighting Efforts

Compiled from U.S. Northern Command News Releases

WASHINGTON, July 5, 2012 - In 123 airdrop missions since they were called into action to battle fires in the Rocky Mountain region and other western locales, Defense Department C-130s equipped with the U.S. Forest Service's Modular Airborne Fire Fighting System had discharged more than 320,000 gallons of retardant as of early today, U.S. Northern Command officials reported.

The aircraft are under Northcom's command and control and are participating in the firefighting effort at the request of the National Interagency Fire Center in Boise, Idaho.

C-130 efforts yesterday centered on the Squirrel Creek Fire, three miles west of Woods Landing, Wyo., officials said, discharging about 50,600 gallons of retardant during 18 missions flown in a 15-hour span.

On July 3, crews flew 16 airdrop missions over 22 hours, discharging about 41,250 gallons of retardant.

U.S.-SINGAPORE RELATIONS FACT SHEET

Map Credit:  U.S. Department Of State.
FROM:  U.S. STATE DEPARTMENT
U.S. Relations With Singapore
Bureau of East Asian and Pacific Affairs
Fact Sheet
July 3, 2012
The United States recognized Singapore's independence from Malaysia in 1965 and has had formal diplomatic relations with Singapore since 1966. Singapore's efforts to maintain economic growth and political stability and its support for regional cooperation harmonize with U.S. policy in the region and form a solid basis for amicable relations between the two countries. In early 2012, the United States and Singapore held the first meeting of their Strategic Partnership Dialogue, followed by a ministerial meeting that introduced new mechanisms to further strengthen partnership and cooperation for the benefit of the Asia-Pacific region, including the Third Country Training Program (TCTP), a joint technical assistance program for developing countries. The first TCTP projects will focus on training officials in the sub-Mekong region in the areas of environment, health, urban planning, and disaster management.

There are a large number of Americans living in Singapore, and many Singaporeans visit and study in the United States. The U.S. Government sponsors visitors from Singapore each year under the International Visitor Program; provides Fulbright awards to enable selected American professors to teach or conduct research at the National University of Singapore and the Institute of Southeast Asian Studies; awards scholarships to outstanding Singaporean students for graduate studies at American universities and to American students to study in Singapore; and sponsors occasional cultural presentations in Singapore. The East-West Center and private American organizations, such as the Asia and Ford Foundations, also sponsor exchanges involving Singaporeans.

U.S. Assistance to Singapore
The EXBS program has been active in Singapore since 2003 and has provided over $2 million in technical exchanges and assistance. EXBS’ goals in Singapore are to encourage active targeting and enforcement of export controls, full compliance with the four multilateral export control regimes, cooperation on counter-proliferation prosecution and investigation matters. EXBS assistance for Singapore in 2012 totaled $250,000. Singapore is expected to graduate from the EXBS program in 2015.

Bilateral Economic Relations
The United States has a bilateral free trade agreement with Singapore. The two countries participate in the Trans-Pacific Partnership negotiations that seek to develop a regional trade agreement. The United States is one of Singapore's largest foreign investors, with over 1,500 U.S. firms in operation. Singapore is a visa waiver program country, which allows its nationals to travel to the United States for certain business or tourism purposes for stays of 90 days or less without obtaining a visa.

Singapore's Membership in International Organizations
Singapore and the United States belong to a number of the same international organizations, including the United Nations, Asia-Pacific Economic Cooperation forum, ASEAN Regional Forum, International Monetary Fund, World Bank, and World Trade Organization.

PROTECTING THE TROOPS ON THE HOME FRONT

FROM:  AMERICAN FORCES PRESS SERVICE

Officials Outline Progress in Protecting Troops Financially

By Karen Parrish

WASHINGTON, June 27, 2012 - Defense Department leaders recognize that service members burdened with financial problems can't reach full mission effectiveness, and they've made strides to help, a senior Pentagon official told a Senate committee yesterday.

Army Col. Paul Kantwill, director of the department's personnel and readiness legal policy office, spoke before the Senate's Banking, Housing and Urban Affairs committee. Kantwill was part of a panel of witnesses that also included Holly Petraeus, assistant director of the Consumer Financial Protection Bureau, and Joseph R. "Beau" Biden III, Delaware's attorney general.

Kantwill, who worked for 22-plus years as an Army judge advocate, told senators that while congressional action has curbed troops' exposure to predatory lending practices, military financial counselors and legal assistance offices still occasionally see clients who have fallen victim to them.

Congress passed the Military Lending Act in 2006, authorizing DOD to regulate service members' use of certain "credit" offers that were actually high-interest loans. The department then restricted payday loans, vehicle title loans and tax-refund anticipation loans, Kantwill noted in his preparedremarks.

During his live testimony, Kantwill noted the department received a report in May from the Consumer Federation of America.

"The report concludes that the Military Lending Act has had the desired effect of curtailing the use of payday, vehicle title and refund anticipation loans by service members and their families," he said. "The overriding theme of the report, however, is that we have achieved much but we have much work to do."

The report and assessments from the field both indicate that lenders still target the military population with payday loans and auto title loans charging excessive interest, Kantwill said. There is also more online lending, often from "offshore" creditors not subject to the act, he noted.

"Yet another concern in the field is that automobile dealers, especially used car dealers and 'buy here, pay here' establishments, are using unusually high-interest loans," he added.

Mortgage foreclosures also remain a concern for service members and families, he said.

To help troops avoid or escape such financial hazards, the department has implemented an aggressive financial education program, and is committed to providing first-class legal assistance and working with other agencies and the financial industry," Kantwill said.

DOD's financial readiness campaign uses education, resources, programs, and protections designed to "alleviate financial stressors on the military to enhance family, financial and overall mission readiness," he said.

The primary financial readiness effort for legal assistance programs takes place where it's needed most, he said: to individual clients at the installation level.

"These include tip-of-the-spear services in all consumer law areas, to include [Servicemembers Civil Relief Act] issues, suspect lending and aggressive debt practices," Kantwill said.

The department and the military services are working with the Consumer Financial Protection Bureau and its Office of Servicemember Affairs, as well as with the Department of Justice and the Federal Trade Commission, to ensure service members' needs are met, he added.

DOD also stays engaged with the financial industry, and is designing a survey to gather current financial information from communities where service members are assigned, Kantwill said.

"The department is committed to our service members and our families, and we remain steadfast in supporting them in every way, especially as it concerns their financial futures," he said.

Petraeus noted during her testimony that service members who receive permanent change of station orders and must sell their homes now qualify by law for some "short-sale" opportunities, which can forgive mortgage amounts that exceed the sale price in markets where property values have fallen.

A recent settlement between the federal government, 49 states and the five largest mortgage servicers provides some short-sale opportunities for service members with orders to move, she noted.

"And last week, the Federal Housing Finance Authority ... announced that PCS orders are a qualifying hardship for a short sale," Petraeus added.

That means a service member on PCS orders, with a Fannie Mae or Freddie Mac loan for a property purchased on or before June 30, 2012, "will not be asked to make a financial contribution to receive the short sale or be liable for the difference between the short sale amount and the original mortgage amount," she said.

Petraeus added that her office also is working to help educate military members on student loan options, and is preparing a financial-training module that entering service members can access by smartphone or computer before they begin military training.

"A recruit in [the delayed-entry program] has more time and less stress than in basic training, and we think we'll better retain some 'just-enough and just-in-time' financial lessons," Petraeus noted.

VIETNAM WAR POW RESCUE AIRCRAFT TALON I RETIRES

FROM:  AIR FORCE SPECIAL OPERATIONS COMMAND
An MC-130E Combat Talon I taxies onto the flightline during an aircraft retirement ceremony at Cannon Air Force Base, N.M., June 22, 2012. This particular Talon I was the lead aircraft that performed a Prisoner of War extraction in North Vietnam called the Son Tay Raid in 1970. (U.S. Air Force photo by Airman 1st Class Alexxis Pons Abascal)  

Talon makes final flight to Cannon
by Airman 1st Class Alexxis Pons Abascal 27th Special Operations Wing Public Affairs

6/25/2012 - CANNON AIR FORCE BASE, N.M.  -- The 27th Special Operations Wing held a special aircraft retirement ceremony on the flightline at Cannon Air Force Base, N.M., June 22.

Col. Buck Elton, 27 SOW commander, was on board the MC-130E Combat Talon I, tail number 64-0523, as it made its final flight into Cannon from Duke Field, Fla.

This particular Talon has historical significance to Air Force Special Operation Command's lineage.

"This Talon I was part of the 7th Special Operations Squadron and first flew in 1966," said Richard Shea, 27 SOW base historian. "This tail number was the lead aircraft that performed a Prisoner of War extraction in North Vietnam called the Son Tay Raid in 1970."

During the raid, the original call sign for the Talon was Cherry 1. In an effort to truly commemorate today's flight, the Talon once again flew under the call sign Cherry 1 for its final mission.
Retired Lt. Col. Irl "Leon" Franklin, who piloted this exact craft during the raid more than 40 years ago, was invited to be present on the aircraft during the final engine shutdown.

"I was the aircraft commander of crew SG06, the group was the original Combat Unit," said Franklin. "This aircraft was one of the first four aircraft to be modified for the Combat Talon mission."

During the nation's conflict with Vietnam in the 1970s, the U.S. received intelligence that suggested North Vietnam had dozens of POWs detained in a prison camp just west of Hanoi. The U.S. Air Force and Army put together a Special Forces team in an effort to recover the Americans being held within the camp.

Planning and training for the operation took place at Eglin Air Force Base, Fla., while additional intelligence was gathered. When the U.S. infiltrated the prison camp, they discovered the prisoners had already been moved to another camp.

"It's an honor to have been invited to this ceremony and given the opportunity to participate in the aircraft shutdown," said Franklin. "I spent 23 years of my life on active duty and I take pride in actively engaging myself in military functions."

The aircraft will now undergo several months of demilitarization and will be put on permanent display at the airpark on base.

"We are extremely proud of our Special Operations Forces heritage and what this aircraft means to AFSOC," said Elton. "Having this aircraft here at our air park will remind us of our lineage beginning with Son Tay and moving forward."

CDC SAYS 30% PRESCRIPTION PAINKILLER DEATHS INVOLVE METHADONE

FROM:  U.S. CENTERS FOR DISEASE CONTROL
Prescription Painkiller Overdoses
Use and Abuse of Methadone as a Painkiller
Prescription painkiller overdoses* were responsible for more than 15,500 deaths in 2009. While all prescription painkillers have contributed to an increase in overdose deaths over the last decade, methadone has played a central role in the epidemic. More than 30% of prescription painkiller deaths involve methadone, even though only 2% of painkiller prescriptions are for this drug. Six times as many people died of methadone overdoses in 2009 than a decade before.

Methadone has been used safely and effectively to treat drug addiction for decades. It has been prescribed increasingly as a painkiller because it is a generic drug that can provide long-lasting pain relief. But as methadone’s use for pain has increased, so has nonmedical use of the drug and the number of overdoses.

* "Prescription painkiller overdoses" refers to deaths from using harmful amounts of opioid or narcotic pain relievers, including drugs such as Vicodin (hydrocodone), OxyContin (oxycodone), Opana (oxymorphone), and methadone.


Problem
Methadone use poses risks
Methadone is frequently prescribed for pain.
Methadone, like other painkillers, is commonly prescribed for chronic problems like back pain even though it might not help these problems in the long run.
More than 4 million methadone prescriptions were written for pain in 2009, despite US Food and Drug Administration warnings about the risks associated with methadone.
Methadone is available as a low-cost generic drug. It is often listed as a preferred drug by insurance companies.

Methadone's risks include:
The difference between appropriate prescribed doses and dangerous doses of methadone is small.
Methadone has special risks as a painkiller. For example, taking it more than 3 times a day can cause the drug to build up in a person’s body, leading to dangerously slowed breathing.
Methadone can seriously disrupt the heart’s rhythm.
Methadone can be particularly risky when used with tranquilizers or other prescription painkillers.
In one study, four in ten overdose deaths involving single prescription painkillers involved methadone, twice as many as any other prescription painkiller.


What Can Be Done

The US government is:
Enforcing federal laws to prevent nonmedical use of methadone.
Educating health care providers and consumers about the correct use of methadone.
Tracking prescription drug overdose trends and the impact of efforts to stop overdoses.

States can:
Develop and promote the use of safe prescribing guidelines for methadone.
Support the use of methadone as a treatment for opioid dependence in opioid treatment programs.
Use prescription drug monitoring programs to identify patients who are using methadone or other prescription painkillers for nonmedical purposes.

Health care providers can:
Follow guidelines for prescribing methadone and other prescription painkillers correctly, including
Screening and monitoring for substance abuse and mental health problems.
Prescribing only the quantity needed based on the expected length of pain.
Using prescription drug monitoring programs to identify patients who are misusing or abusing methadone or other prescription painkillers.
Monitor patients on high doses for heart rhythm problems.
Educating patients on how to safely use, store, and dispose of methadone and how to prevent and recognize overdoses.

Health insurers can:
Evaluate methadone’s place on preferred drug lists.
Consider strategies to ensure that pain treatment with any dose higher than 30 mg of methadone a day (the recommended maximum daily starting dose) is appropriate.

Individuals can:
Use methadone only as directed by a health care provider.
Make sure they are the only ones to use their methadone and never sell or share it with others.
Store methadone in a secure place and dispose of it properly. Seewww.cdc.gov/HomeandRecreationalSafety/Poisoning/preventiontips.htm for correct storage and disposal of medications.
Get help for substance abuse problems (1-800-662-HELP ).

U.S.-CHILE RELATIONS

Map Credit:  U.S. State Department
FROM:  U.S. STATE DEPARTMENT
U.S. Relations With Chile
Bureau of Western Hemisphere Affairs
Fact Sheet
June 29, 2012
From 1973 to 1990, Chile was ruled by a military government that came to power in a coup. The U.S. Government applauded the rebirth of democratic practices in Chile in the late 1980s and early 1990s and sees the maintenance of a vibrant democracy and a healthy and sustainable economy as among the most important U.S. interests in Chile. The two countries consult frequently on issues of mutual concern, including in the areas of trade, multilateral diplomacy, security, culture, and science. The U.S. Government and the Government of Chile have frequent high-level interaction.

U.S.-Chile collaboration on the environment includes sustainable development, climate change, energy efficiency, conservation and wildlife management, marine protected areas, environmental law enforcement, glacier monitoring, and agricultural best practices. Many U.S. technical agencies are actively engaged in Chile, including the U.S. Environmental Protection Agency, the Department of Interior, the U.S. Geological Survey, the National Park Service, and the National Oceanographic and Atmospheric Administration. The two countries have three sister park agreements.

The U.S.-Chile Equal Opportunities Scholarship Program was established to sponsor English and academic studies for Chilean PhD students who come from disadvantaged and rural areas that have not traditionally had access to English language schools or study abroad opportunities. The program has become a model for other international scholarships programs with Chile.

Under the U.S.-Chile Trilateral Development Cooperation initiative, the two countries have worked together on development projects in several countries. These projects have focused on issues such as citizen security, social inclusion, improving agricultural standards, and export promotion.

At the U.S. state level, the Chile-California Partnership for the 21st Century fosters collaboration between individuals, government, and the private sector in areas such as agriculture, energy efficiency, environmental resource management, and education. Chile and Massachusetts have entered into a similar agreement.

U.S. Assistance to Chile
The United States provides no foreign development assistance to Chile.

Bilateral Economic Relations
The United States has a bilateral free trade agreement with Chile. The agreement eliminates tariffs and opens markets, reduces barriers for trade in services, provides protection for intellectual property, ensures regulatory transparency, guarantees nondiscrimination in the trade of digital products, commits the parties to maintain competition laws that prohibit anticompetitive business conduct, and requires effective labor and environmental enforcement. The United States and Chile participate in the Trans-Pacific Partnership trade negotiations that seek to develop a regional trade agreement.

Chile's Membership in International Organizations
Since its return to democracy in 1990, Chile has been an active participant in the international arena. Chile and the United States belong to a number of the same international organizations, including the United Nations, Organization of American States, Community of Democracies, Asia-Pacific Economic Cooperation forum, Organization for Economic Cooperation and Development, International Monetary Fund, World Bank, and World Trade Organization. Chile is also a member of the Pacific Alliance, Union of South American Nations (UNASUR), and Community of Latin American and Caribbean States (CELAC).

DOJ FILES SEX DISCRIMINATION LAWSUIT AGAINST A TEXAS POLICE DEPARTMENT

FROM:  U.S. DEPARTMENT OF JUSTICE
Tuesday, July 3, 2012
Justice Department Files Lawsuit Against Corpus Christi, Texas, Police Department for Sex Discrimination

WASHINGTON – The Justice Department today filed a lawsuit against the city of Corpus Christi, Texas, alleging that the city’s police department engaged in a pattern or practice of employment discrimination against women in violation of Title VII of the Civil Rights Act of 1964.  The lawsuit challenges the police department’s use of a physical ability test for the hiring of entry-level police officers.  According to the complaint, the physical test used by the city between 2005 and 2011 had the effect of excluding qualified women from consideration for hire as entry-level police officers and did not screen candidates for job-related skills.

Title VII prohibits employment practices that result in a disparate impact on various bases, including sex, unless the employer can prove that such practices really test for what the job requires.  The complaint alleges that the challenged physical ability test does not meet this standard and, thus, qualified women have been unnecessarily kept out of entry-level police officer jobs.

 “This complaint demonstrates that employment practices that unnecessarily exclude qualified candidates on account of sex are unacceptable,” said Thomas E. Perez, Assistant Attorney General for the Civil Rights Division.  “The Justice Department is looking forward to working with the city to resolve this matter in a way that eliminates the use of the unlawful physical ability test and gives women who were screened out of the process an opportunity to become Corpus Christi police officers.”

In the lawsuit, the Justice Department seeks a court order that would require the city to stop using the challenged physical ability test, develop hiring procedures that comply with Title VII and provide relief that makes victims whole, including offers of hire, retroactive seniority and back pay to individual women who have been harmed as a result of the city’s use of the test

USS NIMITZ PASSES THE USS ARIZONA MEMORIAL IN PEARL HARBOR

US. NAVY
Sailors man the rails aboard the aircraft carrier USS Nimitz (CVN 68) as it passes the USS Arizona Memorial in Pearl Harbor. Nimitz is participating in the biennial Rim of the Pacific (RIMPAC) exercise 2012, the world's largest international maritime exercise. Twenty-two nations, more than 40 ships and submarines, more than 200 aircraft and 25,000 personnel are participating in RIMPAC exercise from June 29 to Aug. 3, in and around the Hawaiian Islands. U.S. Navy photo by Chief Mass Communication Specialist Keith W. DeVinney (Released) 120702-N-VD564-016

El corazón de una estrella recién nacida, visto en rayos X

El corazón de una estrella recién nacida, visto en rayos X

U.S. DEFENSE SECRETARY OF DEFENSE LEON PANETTA'S INDEPENDENCE DAY MESSAGE

FROM:  AMERICAN FORCES PRESS SERVICE
Panetta Offers Gratitude in Independence Day Message

WASHINGTON, July 4, 2012 - Defense Secretary Leon E. Panetta offered his gratitude and best wishes to the Defense Department's service members, civilian employees and their families in his Independence Day message, noting that the blessings of the freedom the nation celebrates today come from a legacy of sacrifice, courage and leadership.

Here is the secretary's message:

On this Independence Day, I would like to extend my gratitude and best wishes to our entire military family: our men and women in uniform who serve around the world, and their families, and our Department of Defense civilians who support them, and their families. On this day, we honor all of you for your service and the many sacrifices you make to defend our freedom.

While many Americans will spend this holiday with family and friends enjoying summer weather, fireworks, and outdoor barbeques, others will be on the front lines defending our country. Today, in particular, the American people pay tribute to those of you deployed overseas for your strength, your courage, and your willingness to put your lives on the line to protect this country.

It was 236 years ago that our founding fathers signed the Declaration of Independence. Since then, succeeding generations of Americans have stepped forward to safeguard the liberties that our founders fought to give us. That was true 200 years ago during the War of 1812, when we first defended our young nation from attack, and has remained true whenever freedom has been threatened in the generations since.

Today, our brave men and women in uniform continue to protect our freedoms that were first outlined in that Declaration. They serve our nation proudly and they are willing to put their lives on the line so that our children can have a better future.

As we celebrate the birth of our nation, it is a time for our leaders and every American to recognize that the blessings of freedom we enjoy are not free - they come from a legacy of sacrifice, courage, and leadership. That legacy is now our responsibility to fulfill - so that our children can enjoy a better life.

May God bless you, may God bless our military, and may God bless this great nation.

STATE DEPARTMENT REMARKS ON BUSINESS OPPORTUNITIES IN EUROPE

FROM:  U.S. STATE DEPARTMENT
Business Opportunities in Europe Post-Crisis
Remarks Deborah A. McCarthy
Principal Deputy Assistant Secretary, Bureau of Economic and Business Affairs22nd Global Summit of Women
Athens, Greece
June 1, 2012
Introduction
Thank you. I am honored to be a part of the 22nd Global Summit of Women, and I am especially pleased that conference organizers chose Athens as the location for this year’s summit.

According to the OECD’s latest Economic Outlook, the global economy is gradually gaining momentum, but the recovery is fragile, extremely uneven across different regions, and could be derailed by what nearly every global outlook will tell you – the eurozone remains the single biggest downside risk facing the global outlook.
With slow growth, high unemployment and limited room for maneuver regarding macroeconomic policy space, structural reforms are key means to spur growth and boost confidence.

Recently, World Bank President Robert Zoellick said, “All countries need to focus on the structural reforms – the microeconomic policies – that will drive future growth.”
Such changes are essential to enhancing productivity, competition and innovation – whether it’s so that Europe can regain its economic performance, or China can avoid the so-called “middle income trap.”

Nevertheless, the mixture of low growth, aging populations, structural inefficiencies, and high government debt load is giving policymakers difficult choices to make to try to balance fiscal restraint with growth-enhancing measures.

Finding a careful balance between spending cuts and revenue increases is critically important. The reform agenda must also be specifically targeted at supporting employment, reducing inequalities and protecting the weakest segments of the population.

My country is not immune to this dilemma. We too face the same choices.
I have been asked to speak about post-crisis Europe but it is difficult to speak about “post-crisis” Europe when we remain very much in an emergency response mode. Thus, I’d like to discuss some trends apparent in Europe, which will need resolution for the crisis to end.

Economic Trends: Europe and Global
A stable, growing European economy is essential for a thriving global economy.
Europe has taken significant steps to manage its financial crisis, but there is more work to be done.

Business confidence has continued to deteriorate in the eurozone. Confidence in the financial sector is also eroding. Government debt sustainability is one concern that is pulling down market and investor confidence in the region.

Recent Eurostat figures illustrate some of the other underlying issues. In the first quarter of 2012, overall GDP growth in the euro area was flat at zero percent. That aggregate figure masks a widening divergence in performance across the 17 countries in the eurozone.
Germany boasted growth of 0.5 percent while the others such as Portugal, Spain and Italy, all posted negative growth figures.

Some have called Germany “Europe’s engine for growth,” but it is not the only one. Baltic and Nordic countries report strong economic growth. Turkey and Poland also have positive GDP forecasts.

Within the eurozone itself, imbalances make it hard for less competitive countries to keep pace with the more competitive ones. This is one of the reasons why Spain, Italy, Greece, and others have struggled in recent years. Economic, fiscal, and financial imbalances within the eurozone have become even more pronounced since 2010. Recovery in the same countries has not been sufficient to pull other s with it.

Job creation is expected by the IMF and other forecasters to remain “sluggish” in 2012. This can create a vicious cycle, as the unemployed will need more income support and retraining or skills development assistance, resulting in a further drag on already limited government resources.

Interestingly, Spain has the highest unemployment rate in Europe at 24.1 percent and the highest unemployment rate among youth age 15-24 at an astonishing 51 percent. Spain also had the highest proportion of early leavers from education and training at 28 percent.

Of additional concern is the deleveraging of banks in Europe. In an effort to improve their balance sheets, many banks have restricted lending. By tightening access to credit, entrepreneurs and small-to-medium enterprises have fewer options for financing. This, in turn, further stymies growth prospects.

All of these elements feed into the ongoing debate about austerity versus growth. We continue to believe it is not an “either/or” discussion, but rather should be about a balanced approach.

There is an emerging consensus that more must be done to promote growth and job creation. There was a deep and productive discussion of this at the recent G8 Summit we hosted. Focus has returned on a key element of any sustainable solution – growth – needs to be balanced with fiscal consolidation efforts.

The challenges to economic growth, including in the U.S., have brought a fundamental shift in priorities for U.S. foreign policy. Economic issues, economic power is just as important as political and military power. What happens in board rooms, what happens in key negotiations is just as important as defense discussions. We call this job diplomacy. It is about using the tools of diplomacy abroad to support trade and the rights of investors, leverage the strengths and expertise of the private sector in our economic engagement overseas and use diplomacy and our overseas presence to grow our economy at home and foster development and opportunity abroad, most particularly for women.
The Secretary has directed that we incorporate gender issues in every initiative, every program of the U.S. across the globe with emphasis on support for entrepreneurship, recognizing that small-to-medium sized enterprises are a vital element of any economy. Here in Greece, the strength and vitality emerging from women and women business leaders will play a critical role in Greece’s economic recovery.

We view women’s participation in the economy as critical to a free and prosperous society, and we make it a part of our engagement with all countries.

Conclusion
Back in March, there was optimism that Europe had turned the corner and the crisis was near resolution. Unfortunately, recent events have again reminded of the fragility of our global economic recovery.

I hope we draw from the exchange of ideas at this Summit and focus on strengthening the fundamentals of the economy, invest in infrastructure, foster private-sector development, expand markets at home and abroad, and encourage new and “green” technology. We can each do our part to help make progress to upgrade our economies, especially focusing on key areas such as education, health, labor, taxes, innovation and better inclusion of women.
Thank you.