ELMAU, Germany (AP) – President Barack Obama says the Greek government must undertake economic reforms that will require tough political choices to resolve a standoff over an international bailout and protect global financial markets.
He also said that international community needs to recognize “the extraordinary challenges” that Greece faces.
Greece is running out of money after two bailouts. It is seeking additional bailout loans to help avoid a default and possible chaotic departure from the euro currency union.
The country’s prime minister, Alexis Tsipras (TSEE’-prahs) told Parliament on Friday that proposals by its creditors for a deal on its debt were a “negative surprise.”
Obama said Greece needs to satisfy creditors and help the Greek economy start growing again.
Obama comments Monday in Germany came at the close of a two-day international summit.