Obama says Greece won't be 'major shock' to U.S. financial system

WASHINGTON (Reuters) - U.S. President Barack Obama said on Tuesday that the current crisis in Greece should not prompt "over-reactions" in the United States, but U.S. officials have been monitoring the situation. "In layman's terms for the American people, this is not something that we believe will have a major shock to the system," Obama said during a news conference. "But obviously it's very painful for the Greek people, and it can have a significant effect on growth rates in Europe." (Reporting by Jeff Mason, Roberta Rampton, Idrees Ali and Emily Stephenson; Editing by Eric Beech)