President Barack Obama on Monday called on Greece and its creditors to make the tough decisions needed to secure an emergency bailout deal. "If both sides are showing sufficient flexibility then I think we can get this problem resolved, but it will require tough decisions for all involved," Obama said at a press conference at the end of the Group of Seven meeting. The president said the Greek government must be "serious" about making important reforms. The creditors, namely the European Union, the European Central Bank and the International Monetary Fund, need to recognize the challenges the ailing Greek economy faces, he said. "I think everybody wants to make it happen and they are working hard to get it done," Obama said. The president said the U.S. wanted Greece to remain in the eurozone. Earlier, German Chancellor Angela Merkel warned that time was running short for a deal on the Greek debt crisis.
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