Obama, Merkel Discuss Greece's Financial Crisis

The White House says President Barack Obama has discussed Greece's precarious financial situation with German Chancellor Angela Merkel.

The conversation Wednesday comes as Germany is preparing a large contribution to a European Union and International Monetary Fund bailout of Greece. Though the United States has largely stood aside for Europe to address the crisis, Greece's credit woes have trans-Atlantic implications. Fears that Greece and other European countries could default have already caused the dollar to strengthen significantly against the euro. That threatens U.S. exports.

The White House says the two leaders discussed "the importance of resolute action by Greece and timely support from the IMF and Europe."

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