Bloomberg News

Obama Talks Euro Debt Crisis With Merkel, Sarkozy, Cameron

October 20, 2011

(Updates with Cameron statement beginning in fifth paragraph.)

Oct. 20 (Bloomberg) -- President Barack Obama discussed the European debt crisis with German Chancellor Angela Merkel, French President Nicolas Sarkozy and British Prime Minister David Cameron as the leaders prepare for a summit early next month, the White House said.

“Chancellor Merkel and President Sarkozy fully understand the urgency of the issues in the Eurozone and are working diligently to develop a comprehensive solution that addresses the challenge and which will be politically sustainable,” the statement said, without adding any details of the discussion during a videoconference today.

“They agreed to continue to consult closely” before the Group of 20 nations meeting in Cannes Nov. 3-4, it said.

European governments may put up much as 940 billion euros ($1.3 trillion) to fight the debt crisis, seeking to break a deadlock between Germany and France that is forcing leaders to hold two summits within four days.

Merkel and Sarkozy “outlined the approach that was under discussion,” a statement from Cameron’s office said, without offering any detail.

The leaders agreed on the “urgent need” for “a comprehensive and sustainable solution to the eurozone financial crisis,” the U.K. statement said.

--With assistance from Robert Hutton in London. Editor: Joe Sobczyk, Jim Rubin

To contact the reporter on this story: Roger Runningen in Washington at rrunningen@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net


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