Obama welcomes Europe’s plan for dealing with debt

WASHINGTON (AP) ? President Barack Obama says Europe’s new debt plan lays a “critical foundation” for a comprehensive solution to the continent’s financial crisis.

In a statement, Obama says the U.S. looks forward to the rapid implementation of the plan. European leaders agreed to a deal Thursday to have banks take bigger losses on Greece’s debts and to boost the region’s weapons against market turmoil.

Obama says he will continue to support European allies in their efforts to address the financial crisis. The president will meet with some European leaders next week in France during the G-20 world financial meeting.

The president has said economic instability in Europe has been a drag on the U.S. economy.