Obama and Merkel Discuss European Economic Crisis in Phone Call

President Barack Obama spoke with German Chancellor Angela Merkel about the “evolving financial situation in the eurozone,” White House press secretary Jay Carney said.

During the phone call today, the two “agreed to stay in close contact” ahead of the Group of 20 nations summit next month, Carney said in a statement.

European bank stocks have fallen as borrowing costs climbed amid rising concern that the banks may have to take greater losses on debt issued by Greece, Italy, Ireland, Portugal and Spain.

Obama will meet with other G-20 leaders Nov. 3-4 in France.

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