Obama hails 'important steps' in new Greek bailout

24th July 2011, Comments 0 comments

President Barack Obama welcomed Saturday the "important steps" taken to stabilize the eurozone under a new Greek debt deal, the White House said.

In a telephone call with French President Nicolas Sarkozy, Obama discussed the results of Thursday's meeting of eurozone leaders in which the second rescue package for Greece was finalized, according to the White House.

Obama and Sarkozy agreed that "important steps had been taken to help ensure the stability of the Euro area and to sustain the economic recovery in Europe," it added in a statement.

France, which had pushed hard to avoid a Greek debt default, has said the new 159-billion-euro ($229-billion) bailout would stop the contagion that could have cost Greece "several billions of euros per year" in higher interest rates and loans.

© 2011 AFP

0 Comments To This Article