Spanish officials are likely to follow those in Greece, Portugal and Ireland in asking for an international bailout when they participate in a conference call with representatives of fellow Eurozone countries Saturday, according to news reports.
On Friday, President
"The sooner that they act, and the more decisive and concrete their actions, the sooner people and markets will regain some confidence, and the cheaper the costs of cleanup will be down the road," he said.
Europe is the U.S.' largest economic trading partner, Obama said.
"If there's less demand for our products in places like Paris or Madrid, it could mean less business for manufacturers in places like Pittsburgh or Milwaukee," he said. "The solutions to these problems are hard, but there are solutions. The decisions required are tough, but Europe has the capacity to make them."