President Obama was in Cabo San Lucas, Mexico, for the two-day G20 Summit. The president spoke to reporters at the close of the summit.
The meeting of the top 20 global economic leaders focused on the debt crisis in Europe and sets the stage for a European Union meeting scheduled for June 28-29.
During the summit, President Obama reportedly pushed European leaders to find a solution to the banking problems plaguing Greece, Spain and Italy. He has said that recovery from the global recession depends on what Europe does to resolve its economic problems.
Reuters reports that European leaders "rejected pressure to deliver quick new measures," but pledged to work on a long-term plan that would include greater integration of their banking systems. Germany is still balking at proposed euro bonds because it would likely end up making the greatest contribution to the euro zone fund.
According to Reuters, Treasury Dept. Under Secretary for International Affairs Lael Brainard identified four issues under discussion at the summit: "Greece working on reforms to stay within the euro zone; building a closer financial union; effective and credible financial backstops to relieve market pressures on Spain and Italy's borrowing costs; and a shift by Europe to support growth alongside austerity measures."