However, Obama says Europe's economic woes remain a concern for world leaders. He says the world economy must grow without protectionism.
Obama spoke alongside Mexican President Felipe Calderon, who is hosting the G-20 economic summit. The European economic crisis is expected to dominate much of the discussion there.
Greece's conservative New Democracy party came in first in the critical weekend elections and pro-bailout parties won enough seats to form a joint government. The results calmed fears of an imminent Greek exit from the Eurozone.
A Greek exit would have had potentially catastrophic consequences for other ailing European nations, the U.S. and the entire global economy.