Obama thanks Merkel for Greece rescue package

Tue Feb 21st 2012

President Barack Obama has thanked German Chancellor Angela Merkel for her leadership in helping secure a Eurozone agreement to prevent a potentially disastrous fiscal default by Greece.

White House spokesman Jay Carney says Obama and Merkel spoke by telephone Tuesday. He says they agreed that the new pact, as well as steps taken by the European Central Bank and fiscal adjustments in Spain and Italy, have helped address the Eurozone crisis.

Carney says European countries still need to do more, including strengthening financial firewalls that will prevent one nation's troubles from spreading across the European continent and beyond.

The call came after Eurozone leaders agreed to a $170 billion rescue package for Greece.