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The two leaders, who have both expressed support for pro-growth policies in Europe, are expected to form a common front on the eurozone crisis that could dominate this weekend's Group of Eight talks.
Obama's administration spent heavily to tackle the 2007-2009 US recession, and Hollande is seeking to take the edge off austerity with more job-creating infrastructure investments.
The G8 summit comes as Greeks are pulling cash from banks amid growing fears that it might crash out of the single currency eurozone, and financial markets have turned fearful about the prospects of a full-blown crisis in Europe. Obama and other US officials have urged European leaders repeatedly to do more to stimulate growth in the region, fearing contagion from the euro crisis could hurt the US economy