WASHINGTON (AP) — Wary of Europe's deepening debt crisis, President Barack Obama said Monday the United States stands ready to do its part to help the continent, even as the White House ruled out any financial contributions from U.S. taxpayers.
Meantime, a top European Union official offered his assurances to Obama and the American people that Europe's leaders fully understood the magnitude of the crisis, though he said decisions on how to solve the economic woes could take time.
Obama and European Union officials met at the White House Monday for an annual summit amid growing fears over the future of the euro. Experts say that without drastic action, the euro could be days away from collapsing, a scenario that could cause more financial damage to the American economy.
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While Obama offered no specifics on how the U.S. may be willing to assist Europe, he said Europe's financial success was crucial to the U.S. economy.
"If Europe is contracting, or if Europe is having difficulties, then it's much more difficult for us to create good here jobs at home," Obama said at the conclusion of the day-long summit.
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