The US President, Mr Barack Obama, called upon the German Chancellor, Ms Angela Merkel, to discuss the latest developments in the eurozone crisis, which he has warned poses severe risks for the US economy.

“The president and the chancellor also discussed preparations for the upcoming G20 summit in Cannes and agreed to stay in close contact in the run-up to the meetings,” a White House statement said yesterday.

Mr Obama has been holding frequent telephone consultations with European leaders as the continental crisis deepens.

The office of French President, Mr Nicolas Sarkozy, had said on Monday that Mr Obama lent his full support to a Franco-German effort to develop a solution to the debt crisis during a call between the two leaders.

Mr Obama also spoke to the British Prime Minister, Mr David Cameron, about the European crisis on on Monday.

The President’s call to Ms Merkel came as G20 finance ministers gathered for a week-end meeting in Paris at which the eurozone will be a dominant topic.

Earlier, the US Treasury Secretary, Mr Timothy Geithner, said from the French capital that Europe’s leaders were making progress on resolving the crisis, currently focused on containing a much-expected default by Greece on its debt.

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