With much at stake for the US, President Barack Obama said on Thursday that the most important task for world leaders gathered at the Group of 20 (G20) summit was to resolve the European financial crisis.
Obama said the European Union had taken important steps towards a solution but "we're going to have to flesh out more of the details about how the plan will be fully and decisively implemented".
Speaking alongside French President Nicolas Sarkozy after the two met privately on the sidelines of the summit, Obama said they discussed developments in Greece "and how we can work to help resolve that situation".
Greece is in political upheaval after Prime Minister George Papandreou shocked Europe by calling for a popular vote on the European bailout plan.
But after meeting for about an hour with Sarkozy, Obama didn't give any details on what the US might do in concert with its European allies.
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"The United States will continue to be a partner with the Europeans to resolve these challenges," Obama said. "We're trying to build the unity of the G20
"Obama said the top issue was economic stability, "in particular the issue of the Greek crisis".
The Greek crisis poses several risks for the US and Obama.
If Europe can't contain events in Greece, the problems could spread across the continent and hit American shores just as its weak economy has begun to show some positive signs of growth.
With US unemployment stuck at 9.1 per cent, any adverse economic event in Europe could stall the American recovery, causing further pain and hurting Obama's own re-election prospects.
Obama, who was to meet later on Thursday with German Chancellor Angela Merkel, has been a key player at past G20 summits.
But his role in these two days of meetings, his fifth G20, will be overshadowed by the situation in Europe. While not exactly a bystander, he brought few tools with which to help the Europeans as he arrived on Thursday morning in Nice after flying overnight from Washington.
White House officials have been consistent in placing the burden for a solution on European leaders, asserting that they have the resources to solve the problem and do it swiftly.
White House spokesman Jay Carney said the US could offer unique insights from the 2008 financial crisis on Wall Street and the steps taken to avert disaster.
Beyond the threat of contagion from the crisis, the European emergency could affect the US by altering geopolitical balances.
China is considering helping Europe build a $US1.4 trillion bailout fund that would protect Italy and Spain in the event of a Greek default.
The US is in no position to offer such financial assistance while participation by China would expand its influence in Europe, potentially at the expense of the Americans.
