Obama, Italian Premier discuss Eurozone crisis

US President Barack Obama made a phone call to Italian Prime Minister Mario Monti to discuss the economic developments in Europe as the Eurozone financial crisis continues, the White House said in a statement. The Italian Premier provided President Obama with an update on economic developments in Europe, and they discussed the importance of continued efforts to promote growth and stability in the Eurozone, the White House said. Their phone conversation followed up on their discussions at the G20 summit held last week in Los Cabos, Mexico, it added, without disclosing further details. At the G20 summit, dominated by the Eurozone crisis, Monti proposed using bailout funds to buy government-issued bonds of countries that are financially weak, including Spain and Italy, so to stabilize the debt market in Europe. Obama and Monti have been in close consultations since the latter was nominated prime minister last November. Monti visited Washington in February and held the first meeting with Obama, who praised him for his efforts to fight the debt crisis and boost market confidence.