Euro zone leaders must act now, Obama says

Leaders in Europe are under a compulsion to step forward and act to preserve regional economic security by confronting the damaging tendencies caused by the sovereign debt crisis, U.S. President Barack said on Friday, according to Reuters.

The leader of the nation hosting the globe's largest economy said his counterparts across the Atlantic must boost weaker banks' capital at once. He underscored the importance of moving quickly and deliberately with the effort for the sake of the global economy.

"These decisions are fundamentally in the hands of Europe's leaders and fortunately they understand the seriousness of the situation and the urgent need to act," the president told a news conference on Friday.

Bloomberg reports the leader said the debt scourge is pulling at the U.S., and he pressed Congress to approve the jobs initiative he submitted to spur hiring as one technique of offsetting threats spawned by the debt scourge.

His remarks come after the U.S. Department of Labor indicated only 69,000 new jobs were created last month by U.S. employers as unemployment now stands at 8.2 percent.

Obama leaned on the leaders of the euro zone to more strongly commit to enhancing development and growth, Bloomberg reports.