Posted 07.06.2012 08:49:10 UTC
Updated 07.06.2012 08:49:10 UTC
US President Barack Obama went to Europe to take action against the deepening economic crisis.
Obama had telephone conversations with German Chancellor Angela Merkel and Italian Prime Minister Mario Monti.
A statement released from the White House said Obama, Monti and Merkel agreed on certain steps to re-boost the European economy. Yet, there was no detail about the "steps" to be taken.
Meanwhile, Spanish Economy Minister refuted claims suggesting that Spain would apply to EU for financial support.
Spanish minister said the balance sheets of banks would be disclosed by the end of the month and that they weren't thinking about asking for help until then.
In Spain, the fourth biggest economy of the Euro zone people is withdrawing their savings from banks fearing a possible bankruptcy.
Reportedly, German and EU officials are working on ways to rescue Spain from the economic crisis.