U.S. President Barack Obama said on Tuesday that if there were an "uncontrolled spiral" and default in the euro zone it would be disastrous for the global economy, Reuters reported. "We need to make sure that all the best ideas are brought on the problem," Obama told a joint conference with German Chancellor Angela Merkel. On her part, the German Chancellor Angela Merkel said that euro zone members share a mutual interest in ensuring that problems with one member do not shake the stability of the common currency as a whole. "If a country is in danger and therefore endangers the euro as a whole, it is in each and every country's vested interest to see to it that this common currency area is not endangered, and we will act in such a way however that sustainability is guaranteed." -- SPA
