Obama phones Cameron, Sarkozy on Eurozone

The White House announced Monday that President Obama spoke with both British Prime Minister David Cameron and French President Nicolas Sarkozy regarding the ongoing financial crisis in the Eurozone. The call comes a day after German Chancellor Angela Merkel and Sarkozy said they have reached an agreement on a "durable" solution for the sovereign debt problems in Greece.

Merkel and Sarkozy, the leaders of Europe's two largest economies, also pledged to do "all that is necessary" to ensure that European banks have sufficient capital.

According to the White House, "Prime Minister Cameron and President Sarkozy agreed with the President that decisive action is needed in order to finally resolve the crisis and assure economic recovery, both within the euro area and beyond it."

Meanwhile, the markets seem reassured with the statements.

Full readout from the White House:

Today the President spoke by phone separately with British Prime Minister David Cameron and French President Nicolas Sarkozy, continuing his close consultations with these key allies about the situation in the eurozone. Prime Minister Cameron and President Sarkozy agreed with the President that decisive action is needed in order to finally resolve the crisis and assure economic recovery, both within the euro area and beyond it. The President will continue to closely coordinate with his European counterparts on this issue in the run up to the October 23 EU Summit and the November 3-4 G20 Summit.

The President and President Sarkozy also spoke briefly about Middle East Peace issues, agreeing on the need for the parties to return to the negotiating table.

The President congratulated Prime Minister Cameron on the occasion of his 45th birthday, which the Prime Minister celebrated yesterday.