World leaders at the Group of Seven (G7) increased their pressure on Europe to resolve the crisis over Greek debt. Chancellor Angela Merkel of Germany, host of the Group of 7 summit meeting, told reporters that “We can’t say yet that the problem is solved.”
President Obama also intensified pressure for a resolution, with the White House warning that a failure by Europe to reach a deal could spark broader financial instability around the globe.
In a private meeting between Mr. Obama and Ms. Merkel on the sidelines of the summit, the two agreed “that it was important for Greece and their partners to chart a way forward that builds on crucial structural reforms and returns Greece to sustainable long-term growth,” Josh Earnest, the White House press secretary, said on Sunday.
“There obviously is a deadline that’s looming,” Mr. Earnest added, saying the president was hopeful that Greece would pursue such changes “without causing undue volatility in the global financial markets.”
