Obama Worries Greek Default Would be Disasterous for the US Economy

President Barack Obama says he worries that a Greek default on its debt could have disastrous implications for the U.S. economy.
At a joint conference with German Chancellor Angela Merkel, Barack Obama also said the United States would cooperate in efforts to address Greece’s problems, including through the International Monetary Fund.
He said that America’s economic growth depended on a sensible resolution to Greece’s problems.
He added: “We think it would be disastrous for us to see an uncontrolled spiral and default in Europe because that could trigger a whole range of other events.”
European Union countries and the International Monetary Fund have been discussing with Greece whether it needs further loans to keep it from defaulting on its existing debt.
Merkel, in turn, said the eurozone had a common interest in ensuring its currency bloc is not endangered by the debt crisis and stressed she was confident that Washington would shoulder its fiscal responsibilities just as Europe is doing.
(source: AP, Reuters)