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Obama welcomes new governments in Greece, Italy

November 12, 2011

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HONOLULU—President Obama is welcoming the new governments being formed in Greece and Italy, saying they should help calm world financial markets.

Answering questions from business leaders at the Asia-Pacific summit, Obama said Saturday that Greece's new coalition government and the moves in Italy to form an interim government are "positive developments."

He says leaders in both countries are demonstrating a commitment to "structural reform" that should give investors confidence. Obama says all of Europe should back the 17 eurozone members in their efforts to resolve their debt crisis -- and warns until that's resolved, they'll will have a "dampening effect" on the global economy.

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