The President and German Chancellor Angela Merkel spoke by phone this morning to discuss the latest developments concerning the financial situation in the eurozone. The President thanked the Chancellor for her leadership and welcomed last night’s agreement in Europe on a new rescue program for Greece to help reduce its debt to sustainable levels. The President and Chancellor agreed that the planned EU fiscal pact, recent actions by the European Central Bank and reforms by Spain and Italy have also been positive steps in addressing the eurozone crisis. The President and the Chancellor also discussed preparations for the upcoming G-8 Summit and agreed that the emphasis should be on growth and jobs.