UPDATE 1-U.S. says engaged with Europe on debt crisis

WASHINGTON, May 10 (BestGrowthStock) – U.S. President Barack Obama
and his team have been in close contact with their counterparts
abroad on the European debt crisis, the White House said on

“The president and his economic team have been following
and have been engaged in this situation for quite some time,”
White House spokesman Robert Gibbs told reporters.

The $1 trillion global emergency package aimed stabilizing
the euro sparked a big recovery in global stock prices.

The Obama administration has been speaking to European
leaders about the “the importance of taking strong action to
give confidence” to the markets and “to stabilize the

Gibbs said the Obama administration was pleased “thus far”
with the results of the announcement of the package, which is
aimed at preventing a spread of Greece’s crisis and heading off
a threat to the global recovery.

Stock Market

(Reporting by Caren Bohan and Ross Colvin; Editing by
Patricia Zengerle)

UPDATE 1-U.S. says engaged with Europe on debt crisis