Obama urges 'rapid implementation' of eurozone deal

Oct 28, 2011, 10:54 GMT

Washington - US President Barack Obama welcomed Thursday's 'important first step' by the European Union to address the eurozone debt and banking crisis.

The deal, agreed upon overnight in Brussels, would beef up the eurozone's bailout fund to 1.4 trillion dollars.

On Thursday at the White House, Obama hosted Czech Prime Minister Petr Necas, who had participated in the Brussels talks.

'I was very pleased to see that the leaders of Europe recognize that it is both in Europe's interest and the world's interest that the situation is stabilized,' Obama said.

'It will definitely have an impact on us here in the United States. 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 in the United States.'

Obama said the measures 'lay a critical foundation for a comprehensive solution to the eurozone crisis.'

'We look forward to the full development and rapid implementation of their plan,' he said. 'We will continue to support the EU and our European allies in their efforts to address this crisis as we work together to sustain the global recovery and put our people back to work.'