President Obama is pressuring members of the EU to find a way to salvage the economies of debt-ridden member nations and save the euro. In telephone conversations with French President Francois Hollande, Obama encouraged “decisive action,” according to Reuters.
Reuters also reported that U.S. Treasury Sec. Timothy Geithner took a bolder line with members of the EU, saying their actions must include “bringing down interest rates in the countries that are reforming and making sure those banking systems can provide the credit those economies need.”
Although the Germany people are against putting their economy at risk for the rest of the EU, that country has agreed to use some of their emergency funds to buy bonds from countries that are struggling to borrow in markets outside the EU.
Greece, for their part, has agreed to austerity cuts of 11.5 billion euros in order to keep the euro as their currency.