Obama: 'Europe has the capacity' to meet debt challenge

4th November 2011, Comments 0 comments

US President Barack Obama hailed what he said was good progress in talks with his G20 partners on finding ways to solve the eurozone debt crisis, which has threatened the world economy.

"We came to Cannes to discuss with our European friends how they will move forward and build upon the plan they agreed to last week to resolve this crisis," he said after the G20 summit in the French resort.

"Having heard from our European partners over the past two days, I am confident Europe has the capacity to meet this challenge."

Obama said Europe "remains on track to implement a sustainable path for Greece" and hailed the announcement that Italy had agreed to IMF surveillance of its budgetary reforms.

"I know it isn't easy, but what is absolutely critical and what the world looks for in moments such as this is action. That's how we confronted our financial crisis in the United States," he said.

© 2011 AFP

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