Obama: I'm confident that Europe can solve its debt crisis

"I am confident that Europe has the capacity to meet this challenge, I know it isn't easy but what is absolutely critical and what the world looks for in moments such as this is action, that's how we confronted our financial crisis the United States," Obama told reporters in a speech at the G-20 Summit in Cannes, France. 

European leaders agreed to a deal last week on how to ease the debt crisis in countries that use the euro. The administration is working with officials in Europe on a plan to assist countries like Greece and further control the economic crisis.