Obama: Greece must undertake reforms in bailout standoff

AP News
Posted: Jun 08, 2015 11:16 AM
Obama: Greece must undertake reforms in bailout standoff

ELMAU, Germany (AP) — President Barack Obama says the Greek government must undertake economic reforms that will require tough political choices to resolve a standoff over an international bailout and protect global financial markets.

He also said that international community needs to recognize "the extraordinary challenges" that Greece faces.

Greece is facing a crushing debt and has been negotiating with creditors to release the remaining funds in its international bailout. The International Monetary Fund, the European Central Bank and the European Commission are overseeing Greece's bailout.

The country's prime minister, Alexis Tsipras (TSEE'-prahs) said Friday that proposals put forth by its creditors were an unpleasant surprise.

Obama said Greece needs to satisfy creditors and help revive the Greek economy.

Obama comments Monday in Germany came at the close of a two-day international summit.