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Obama puts pressure on Europe over debts

US President Barack Obama has put the pressure on Europe, saying leaders must "act fast" to avoid global debt contagion, while at the same time he slammed China for "gaming" global currency markets.

He said that a potential European debt meltdown needed to be averted by swift action from the continent's leaders.

"They have got to act fast," Obama said, calling for a "concrete plan of action," to be in place by the time of the G20 summit in France in November.

In a White House news conference, Obama also said Republicans must pass his $447bn jobs bill as insurance against a double-dip recession.