(REUTERS) — U.S. President Barack Obama pledged at a summit on Saturday to work with Europe on a package that balances growth with debt reduction as world leaders try to prevent the worsening euro zone crisis from destabilizing the global economy.

At the wooded Camp David retreat in Maryland’s Catoctin Mountains, Obama and leaders from other major economic powers are seeking ways to soothe financial markets after worries about Spain’s banking problems and the risk of a Greek exit from the euro zone sent world stocks to their lowest levels this year.

A shirt-sleeved Obama opened the morning session on the global economy at a rustic lodge, promising to seek ways to restore healthy growth and jobs and address concerns in Europe.

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