Readout: Obama's Call With Sarkozy

From the White House:

The President and French President Sarkozy spoke today about the situation in Libya and continued theirclose consultations about the global economic situation and recent developments in financial markets. With regard to Libya, they agreed that Qadhafi and the remnants of his regime needed to accept that their time is up and relinquish power once and for all, and they welcomed the progress that has been made by the Libyan people in pursuing an end to the Qadhafi regime. At the same time, they agreed to continue to work with allies and partners in the international community to protect the people of Libya and to support a peaceful transition to democracy. President Sarkozy joined the President in urging the Transitional National Council to continue demonstrating its leadership by respecting the rights of the people of Libya, avoiding civilian casualties, protecting the institutions of the Libyan state, and pursuing a transition to democracy that is just and inclusive for all of the people of Libya.

The two Presidents also discussed the global economic situation, the Eurozone crisis and recent market developments. They agreed on the importance of concerted action, including through the G20, to address these challenges and to spur growth and job creation in the global economy.