US President Barack Obama on Tuesday officially welcomed an agreement between Greece and its European creditors, given that his administration has reportedly worked continuously, and behind-the-scene, to press for a deal and avert a possible global economic crisis.

In a statement Tuesday, the White House said POTUS considered “the agreement a positive step that could help underpin a return to growth and debt stability in Greece”. The US president added that that “further work will be required.”

The statement came after Obama’s phone contacts with French President Francois Hollande, German Chancellor Angela Merkel, British Prime Minister David Cameron and Federica Mogherini, the European Union’s high representative for foreign affairs and security policy.

On Monday, US  Treasury Secretary Jacob Lew said the agreement was in the best interests of Greece, Europe and the global economy.