Sarkozy : Obama fully supports European debt crisis strategy

Europe's efforts to tackle the ongoing banking and financial crisis affecting the Euro zone have the full support of US President Barack Obama, according to a statement Monday by French President Nicolas Sarkozy. The French leader's office indicated here that Obama and Sarkozy spoke about the European debt crisis by phone Monday and reviewed a strategy drawn up by France and Germany at a summit in Berlin on Sunday. The two European powerhouses agreed to shore up European banks that face liquidity problems as a result of the debt problem and the inability of some European nations in the Euro currency zone to finance deficits and repay debts. "The President of the Republic presented Obama with the results of his October 9 meeting in Berlin with Chancellor Angela Merkel," Sarkozy office said, revealing the US and French leaders spoke Monday afternoon. "The Head of State stressed that France and Germany have agreed to bring a global and lasting solution to the difficulties in the Euro zone before the G20 summit in Cannes," the French statement added. "President Obama gave full support to the strategy set out by France and Germany to arrive at a global solution to re-establish financial stability in the Euro zone," it affirmed. Sarkozy and Obama agreed to stay in contact over the coming weeks leading up to the G20 summit in southern France on November 3-4.