UPDATE 1-U.S. says engaged with Europe on debt crisis

WASHINGTON Mon May 10, 2010 2:55pm EDT

WASHINGTON May 10 (Reuters) - U.S. President Barack Obama and his team have been in close contact with their counterparts abroad on the European debt crisis, the White House said on Monday.

"The president and his economic team have been following and have been engaged in this situation for quite some time," White House spokesman Robert Gibbs told reporters.

The $1 trillion global emergency package aimed stabilizing the euro sparked a big recovery in global stock prices.

The Obama administration has been speaking to European leaders about the "the importance of taking strong action to give confidence" to the markets and "to stabilize the situation."

Gibbs said the Obama administration was pleased "thus far" with the results of the announcement of the package, which is aimed at preventing a spread of Greece's crisis and heading off a threat to the global recovery.

(Reporting by Caren Bohan and Ross Colvin; Editing by Patricia Zengerle)

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