Worry over the deepening eurozone crisis
prompted President Obama and Britain's Prime Minister David
Cameron to call for an "immediate plan" to resolve the crisis, a
spokeswoman for the British government said Wednesday.
Obama also spoke "separately" on Wednesday with German Chancellor
Angela Merkel and Italian Prime Minister Mario Monti "to discuss
economic conditions in Europe," the White House said.
Europe's battle to come to grips with the region's growing debt
turmoil reached a critical stage as the sense of economic
gloom in the region deepened.
With Greece still in economic limbo until elections on June 17,
and Spain's growing bank crisis, turmoil in the currency bloc now
threatened to engulf Cyprus, European officials noted.
Obama, Merkel and Monti agreed "on the importance of steps to
strengthen the resilience" of the eurozone and growth in Europe and
globally, "and agreed to remain in contact as they prepare for the
June 18-19 G-20 Summit in Los Cabos, Mexico," the White House said.
Late Tuesday, Obama and Cameron discussed the crisis. The two
agreed that urgent action to restore market confidence needed to be
flanked by a "longer-term strategy to secure a strong single
currency," said the British spokeswoman.
Obama and Cameron welcomed new plans by the European Commission to
protect taxpayers and avoid future public bank bailouts as a
"positive step."
Obama discussed the situation in Europe with the
leaders of the three largest euro- area economies to prepare for a
Group of 20 meeting on the global economy in June.
Obama, German Chancellor Angela Merkel, French President Francois
Hollande and Italian Prime Minister Mario Monti talked about
"developments in Europe" in a videoconference, the White House said
in a statement late yesterday. "Leaders agreed to continue to consult
closely as they prepare to meet at the G-20 summit in Mexico next
month."
The call yesterday followed up on talks at the Group of Eight summit
this month and a European Union summit last week, according to the
White House. The euro area's debt crisis was the main economic topic
at both meetings, with Obama prodding Merkel at the G-8 talks in Camp
David, Maryland, to move ahead on measures to balance her
budget-austerity drive with measures to spur growth.
