President Obama Offers Public Statements On Greece

President Obama had the following words to say in the East Wing:

On Greece, this is a situation that we've been monitoring throughout the year. As I think most people are aware there has been an ongoing crisis in Greece, dating back to 2009-2010. And it's something that I've been deeply involved with periodically, working with our European partners.

It is an issue of substantial concern. It is an issue primarily of concern to Europe. Essentially what you have here is a country that is -- has gone through some very difficult economic times, needs to find a path towards growth and a path to stay in the Eurozone. And what we've been encouraging both the Greek government and our European partners to do is to continue to negotiate and find a pathway towards a resolution.

It is also important for us to make sure that we plan for any contingency, and that we work with the European Central Bank and other international institutions to make sure that some of the bumps that may occur in the financial markets, and that have already occurred, are smoothed out.

In layman's terms for the American people, this is not something that we believe will have a major shock to the system. But obviously, it's very painful for the Greek people, and it can have a significant effect on growth rates in Europe. And if Europe is not growing the way it needs to grow, that has an impact on us; it has an impact on Brazil. Those are major export markets. And that can have a dampening effect on the entire world economy.

So it's something that we are monitoring. It's something that we spend a lot of time on. Jack Lew has been on the phone fairly consistently over the last several months. I've spoken to my European counterparts encouraging them to find a path towards resolution. So it's something that we take seriously, but it's not something that I think should prompt overreactions. And so far, I think the markets have properly factored in the risks involved.

(Source: The White House Office Of The Press Secretary)