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Obama Talks Greek Bailout Deal With German Chancellor

Obama Talks Greek Bailout Deal With German Chancellor

After Eurozone officials reached a deal on a new rescue package for Greece, U.S. President Barack Obama and German Chancellor Angela Merkel discussed the financial situation by phone Tuesday morning.

Obama praised Merkel's leadership and welcomed Europe's agreement on the new rescue program for Greece to help reduce its debt to sustainable levels, a White House press release said.

The bailout package is expected to leave Athens with ample funds to repay a 14.5 billion euros bond due March 20. Additionally, the debt exchange plan aims to reduce the euro member's debts by around 100 billion euros. The bailout amount would be paid by the euro area and the International Monetary Fund until 2014.

Eurogroup said that ensuring debt sustainability and restoring competitiveness are the main goals of the new program.

Obama and Merkel agreed that the planned EU fiscal pact, recent actions by the European Central Bank and reforms by Spain and Italy are all positive steps in addressing the Eurzone financial crisis.

They also discussed upcoming G-8 Summit plans and agreed that the focus should be on growth and jobs.

by RTT Staff Writer

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