U.S. President Barack Obama said Tuesday that he and the visiting German Chancellor, Angela Merkel had agreed that Europe's debt crisis must be contained. In their talks at the White House, the two leaders were in agreement that the eurozone strains most evident in Greece, Ireland, and Portugal "cannot be allowed to put the global economic recovery at risk," Obama told a joint news conference. The European debt crisis is "a tough situation," Obama said. "We think it would be disastrous for us to see an uncontrolled spiral and default in Europe, because that could trigger a whole range of other events." "Germany is going to be a key leader in that process, and the politics of it are tough," Obama said. "But it's going to require some patience and some time, and we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international financial institutions like the IMF," Obama said, referring to the International Monetary Fund.
