Published by Jamie JemmesonGerman chancellor Angela Merkel has been urged by US president Barack Obama to take the lead in managing the eurozone's ongoing debt crisis.Discussions continue to be held over a possible solution to Greece's debt worries, with further assistance being needed in order to avoid a default.During a visit by the German leader to the US, Obama suggested that uncontrolled default in the eurozone periphery could be "disastrous" for the wider economy."We think that America's economic growth depends on a sensible resolution of this issue," he said in a joint news conference yesterday (June 7th).The German chancellor added that Germany will act in a way that is "sustainable", highlighting that it is in Germany's interest to act if it appears the euro itself is in danger.Earlier this week, the euro had risen on the foreign exchange market as confidence grew over a solution to Greece's debt woes. However, in the most recent trading session, the currency has fallen, while the yen, a traditional safe haven currency, has risen, Bloomberg reports.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site