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LOS CABOS, Mexico (AP) - The White House says President Barack Obama is "encouraged" about progress in dealing with Europe's debt crisis following a meeting with German Chancellor Angela Merkel.

White House press secretary Jay Carney says Obama and Merkel discussed the importance of taking steps to promote financial stability in the euro zone. He says the two leaders would work together to build support for "what needs to be done in Europe and in the world" to stabilize the financial system and support jobs and economic growth.

Obama and Merkel met on the sidelines of the G20 summit as European leaders attempt to find a way to contain a debt crisis that threatens the global economy. It follows Greek election results that mean the country is more likely to stick to tough austerity measures.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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