White House: Greek debt crisis ‘does not pose a major risk’

The White House press secretary on Monday said the Greek debt crisis “does not pose a major risk” to the U.S. banking system.

Josh Earnest told reporters that President Obama and French President François Hollande on Monday discussed ways to address the crisis.

In their phone call, Obama told Hollande it is critical “to develop a package of reforms and financing that would allow Greece to return to growth and debt sustainability in the eurozone,” Earnest added.

Obama also discussed the crisis during a call with British Prime Minister David Cameron on Monday and German Chancellor Angela Merkel on Sunday, the White House said.

Greece is facing a Tuesday deadline to repay approximately $1.8 billion to the International Monetary Fund as part of its bailout.

Greek Prime Minister Alexis Tsipras reportedly asked European officials on Monday to extend the financing until July 5, when a referendum is scheduled.

Greek banks were closed on Monday, and European banking stocks dropped sharply amid the uncertainty.

— This report was last updated at 1:31 p.m.