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Obama lauds European economic plan

WASHINGTON -- President Barack Obama said a European plan to tackle the continent's debt crisis would have an impact on the U.S. economy, but he stopped short of saying whether it would be enough to prevent another global recession.

"If Europe is weak, if Europe is not growing, as our largest trading partner that's going to have an impact on our businesses and our ability to create jobs here," Obama said during remarks in the Oval Office.

European leaders agreed yesterday to a deal to have banks take bigger losses on Greece's debts and to boost the region's weapons against market turmoil.

While Obama did not address specifics of the deal, he praised European leaders for recognizing that it was in the world's interest to stabilize the continent's economy. When asked whether the deal would prevent another recession, Obama would only say that the agreement was a sign of progress.

"The key now is to make sure that it is implemented fully and decisively and I have great confidence in the European leadership to make that happen," he said. Obama is due to meet with several European leaders next week in France during the G-20 economic summit.

He spoke before meeting with Prime Minister Petr Necas of the Czech Republic. Necas had arrived in Washington from Brussels, where he had been part of the Eurozone negotiations, Obama said.

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