WASHINGTON/Athens (Reuters) - President Barack Obama Tuesday urged the countries of the euro area and the holders of bonds to make difficult decisions to contain the Greece debt crisis while International Monetary Fund said more work was needed to Athens receive his next block of rescue aid.
Obama, appearing at a joint with Chancellor press conference Germany Angela Merkel, said the United States would be favourable, but put the onus for action on Europe and the Germany called a "key leader" to resolve the crisis.
The Greece debt levels "means that the other countries of the euro area will have to provide them with a net and support", said Obama. "And frankly, people who hold Greek debt will have to make decisions, in cooperation with European countries in the euro area, on the way in which the debt is managed."
Obama and Angela Merkel, said that they at length the crisis of the Greek debt during the official visit of the German leader to Washington.
Plans are in form for a second Greece international rescue plan, with a three-year package, a value of the set of 80-100 billion euros to be ready in the next two weeks, official sources said euro area.
The plan aims to avoid a costly failure and restructuring of the Greece 340 billion euros ($499 billion) of sovereign debt, but some European politicians require that holders of bonds share part of the burden of keeping the solvent Greece.
Obama is committed to cooperate with Europe and the IMF on solutions which also give the Greece a chance to grow its economy and suggested that a Greek default could send shock waves that could damage economic recovery in the United States which showed signs of faltering.
"We believe that economic growth in America depends on the sensitive resolution of this issue." "We believe that it would be disastrous for us to see a default and uncontrolled spiral in Europe, because that could trigger a wide range of other events," said Obama.
Angela Merkel, who is under political pressure at home to avoid to be Savior to European countries who have financial difficulties, said that Germany's central role.
"We have seen that the stability of the euro as a whole is also affected if a country is in danger," she said.
"If we see clear European responsibility and we will assume this responsibility, in collaboration with the IMF."
NO NEED TO WORK
In Athens, a senior Greek official said Parliament Government planned to vote at the end of June its plan in the medium term of austerity, a condition for the new package as Athens struggles to avoid default on its debt.
But Bob Traa, senior representative of the Monetary Fund International Greece, said that the European Union needs to do more work before the Board of Trustees of the Fund could release more loans.
"I think there is a Summit in Europe, in June, where a few hard nut to be cracked.". They need to make decisions, and then go us to our Board and pay in early July, "he said at a banking Conference.
A team of IMF, the EU and the European Central Bank concluded an agreement Friday under which Athens impose more austerity and more rapid privatization to reduce its budget deficit.
The Greece has accepted a 110 billion euro ($160 billion) bailout with the EU and the IMF a year ago. But this implies that Athens could resume loans on the market early in 2012, which is not currently possible as yields on Greek debt are sky high in the secondary market.
Details of the new deal to replace the May 2010 rescue must still be resolved, but it involves the financing needs Greece is covered by a mixture of new EU loans and the IMF, deficit compressions, including increases in taxes and asset sales and a "voluntary" participation by the private creditors.
It is possible that creditors agree to buy new Greek bonds when the obligations that they are currently taking into mature, meaning Athens would step find cash for reimbursement.
Slovakia said on Tuesday that he would not approve new aid for the Greece unless private investors bore part of the burden.
But the rating agency Moody said that it is difficult to see how a reversal of the private sector of Greek debt could be truly voluntary, and that such an approach would therefore be likely event of credit - a decision which would have an impact on the market a large scope as places paid financial instruments used to take out insurance against failure to trigger.
Bart Oosterveld, Director General of Moody's sovereign risk group, "it is hard to imagine, in the current circumstances, that people would voluntarily do this", said to journalists in Paris. "Our definition by default provides that, if something is voluntary, it must be truly voluntary..." Most likely not that would be a credit in our event. ?
Traa the IMF has warned that a major restructuring of Greek debt would create incalculable problems in the euro area but indicated that the Fund was open to other solutions.
"Extending the terms of payment, for example loans of partners in the euro zone and the IMF, is a reasonable thing to believe because we have right of depreciation at the end of the program.". "It is a technical issue, that we can think," he said.
($ 1 =. (Euro 6845)
(Other reports by Andreas Rinke, Lefteris Papadimas Ingrid Melander, George Georgiopoulos and Renee Maltezou; writing by David Lawder and David Stamp;) (Editing by Eric Walsh)
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