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Jul 19, 2011

Obama, Merkel Discuss Crisis Euro Zone

WASHINGTON - U.S. President Barack Obama and German Chancellor Angela Merkel agreed on the need to resolve the financial crisis of eurozone for the good of the global economy.

The two leaders discussed the crisis of the euro zone over the phone two days before the European summit meeting on how to formulate a second rescue package for Greece, which is feared could be the default (failure to pay debts).

"The president spoke with German Chancellor Angela Merkel this morning by telephone on eurozone crisis before the European Council meeting on July 21," the White House said in a statement on Tuesday (19 / 7).

"They agreed that an effective agreement with this crisis is important to maintain the economic recovery in Europe and for the global economy."

Merkel warned that the talks might not yield anything dramatic, covering all the solutions to this problem. Where the market is worried about Athens can be the default and trigger a chain reaction throughout the European countries the weakest.

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