Obama, Merkel speak on eurozone crisis

8th December 2011, Comments 0 comments

US President Barack Obama spoke by telephone with German Chancellor Angela Merkel Wednesday, stepping up US diplomacy at a critical moment of the eurozone crisis, the White House said.

"Both leaders agreed on the importance of a lasting and credible solution to the crisis, and agreed to continue their close cooperation on these issues," said a White House statement.

Obama's conversation with Merkel came as his Treasury Secretary Timothy Geithner met with key eurozone governments ahead of a crucial European Union summit in Brussels on Thursday.

The Obama administration is deeply concerned that without swift and decisive action from Europe, the region's debt crisis could impact the fragile US recovery and the president's reelection efforts.

Geithner said Tuesday he was "very encouraged by developments in Europe in the past two weeks, including reform commitments in Italy, Spain and Greece and new progress towards a fiscal compact."

© 2011 AFP

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