The talks Greek Premier George Papandreou will hold in Germany and the USA on 5 and 9 March respectively will be crucial to the Greek economy.

In the meantime, at a Friday video conference call Barack Obama held with Angela Merkel and Gordon Brown, the US President estimated that the EU can and will take the proper steps to effectively address Greece's fiscal crisis.

The latest developments were also brought up at the meeting George Papandreou had with Deutsche Bank CEO Josef Ackermann.

Commenting on imminent meeting between Obama and Papandreou, the White House released a statement reading that President Obama will welcome the Greek Prime Minister in Washington on 9 March.

The statement also said that Greece has always been an ally to the USA in their joint efforts to promote stability and prosperity both in the Balkans and in the entire world.

Being the homeland of Democracy, Greece and the USA share deep-rooted cultural and historical bonds, continued the statement.

A White House spokesman claimed that Barack Obama, Gordon Brown and Angela Merkel discussed the crisis in Greek, as well as foreign policy issues, including the war in Afghanistan.

Asked whether the US President thinks that the Europeans' response to the Greek crisis sufficient, he said that the USA believes that the EU can and will take the proper steps to effectively address Greece's fiscal crisis.