Washington: President Barack Obama called German Chancellor Angela Merkel to discuss the latest developments in the eurozone crisis, which he has warned poses severe risks for the US economy.

"The President and the chancellor also discussed preparations for the upcoming G20 summit in Cannes and agreed to stay in close contact in the run-up to the meetings," a White House statement said on Friday.

Obama has been holding frequent telephonic consultations with European leaders as the continental crisis deepens.

The office of French President Nicolas Sarkozy said on Monday that Obama lent his full support to a Franco-German effort to develop a solution to the debt crisis during a call between the two leaders.

Obama also spoke to British Prime Minister David Cameron about the European crisis on Monday.

The President's call to Merkel came as G20 finance ministers gathered for a weekend meeting in Paris at which the eurozone will be a dominant topic.

Earlier, US Treasury Secretary Timothy Geithner said from the French capital that Europe's leaders were making progress on resolving the crisis, currently focused on containing a much-expected default by Greece on its debt.

(Agencies)