U.S. President Barack Obama and German Chancellor Angela Merkel on Tuesday praised a new European Union (EU) pact designed to avoid a chaotic Greek debt default, the White House said. Spokesman Jay Carney said that President Obama and Chancellor Merkel held a telephone conversation in which the two leaders agreed that the planned EU fiscal agreement, recent actions by the European Central Bank, and reforms by Spain and Italy also were positive steps in reducing the euro-zone debt crisis. "The president thanked the chancellor for her leadership and welcomed last night's agreement in Europe on a new rescue program for Greece to help reduce its debt to sustainable levels," Carney told reporters.
