Obama Phones Greek Leader, Welcomes Bailout

President Barack Obama has told the Greek prime minister the U.S. welcomes action by the European Union and International Monetary Fund to help Greece weather its financial crisis.

The White House says Obama delivered the message to Prime Minister George Papandreou in a phone call Sunday. Obama told the prime minister the U.S. welcomes EU and IMF action to rescue Greece from a feared default on its international debt.

Obama "welcomed the ambitious reform program announced by the Greek authorities, as well as the significant support that was agreed to by the IMF and Eurozone members," the White House said.

Greece's financial problems, including a huge international debt and a downgrade of its bonds, have taken the country to the verge of bankruptcy.