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Merkel warns on Greece,Obama voices alarm

German Chancellor Angela Merkel sought to quash talk of an imminent Greek default as the United States voiced fresh concern at the euro zone’s inability to master its debt crisis.

Written by Reuters | Berlin,rome |
September 14, 2011 12:17:53 am

German Chancellor Angela Merkel sought on Tuesday to quash talk of an imminent Greek default as the United States voiced fresh concern at the euro zone’s inability to master its debt crisis.

Merkel said that Europe was doing everything in its power to avoid a Greek default and urged politicians in her own coalition to weigh their words carefully to avoid creating turmoil on financial markets.

Asked whether a Greek default would doom the euro,she answered: “We are using all the tools we have to prevent this. We need to avoid all disorderly processes with regards to the euro.” Calling Europe’s challenge “historic,” Merkel added that everything must be done to keep the euro zone intact “because we would see domino effects very quickly.”

US President Barack Obama expressed his concern in an interview to Spanish journalists on Tuesday. Treasury Secretary Timothy Geithner in an unprecedented step will attend a meeting of EU finance ministers in Poland on Friday.

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