President Obama spoke on the Greek crisis during a joint press conference with Brazilian President Dilma Rousseff on Tuesday afternoon.
Obama described the Greek crisis as being of “substantial concern”, especially for Europe.
“Essentially what you have here is a country that has gone through some very difficult economic times, needs to find a path toward growth and path to stay in the eurozone. And what we’ve been encouraging the Greek government and our European partners to do is to continue to negotiate and to find a pathway towards a resolution,” he said.
The President urged American not to “overreact” over the Greek crisis as he does not expect it to have a very big impact on the country’s financial system.
“But obviously it’s very painful for the Greek people, and it can have a significant effect on growth rates in Europe, and if Europe’s not growing the way it needs to grow that has an impact on us, it has an impact on Brazil, those are major export markets and that can have a dampening effect on the entire world economy” he added.
A crucial Eurogroup on Greece ended earlier, after Greece had submitted a request to the ESM for a two year deal just a few days before the July 5 referendum.
Watch the US President’s remarks on Greece:
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