The vote was widely seen as a Greek referendum on staying in the euro, and the narrow victory for New Democracy over Syriza -- a leftist party that opposes conditions that accompany an international bailout for the country -- brought initial ease to world markets roiled by the prospect of a possible European currency collapse.
After his talks Monday with Calderon, Obama expressed optimism that the new Greek government would remain committed to a solution that would keep the country in the European monetary union.
"I think the election in Greece yesterday indicates a positive prospect for not only them forming a government, but also them working constructively with their international partners in order that they can continue on the path of reform, and do so in a way that also offers the prospects for the Greek people to succeed and prosper," Obama told reporters.
A rocky election in Greece that would result in its departure from the eurozone was one of the greatest fears coming into the summit, and while that fear appears to have been averted for now, the United States still expects European leaders to lay out a plan for dealing with the effects of the distressed Greek economy.
"We expect to hear more of this in Los Cabos, showing that they are fundamentally committed to evolving the euro area in a way that makes the monetary union much stronger by virtue of having a more banking union, more fiscal union, more political union," Treasury Under Secretary for International Affairs Lael Brainard told reporters in a briefing just days before the start of the summit.
Mike Froman, Obama's deputy national security adviser for international economics, told the advance briefing that "this isn't a meeting where we expect Europeans to make decisions about Europe."
Obama also had a "constructive" 45-minute meeting with German Chancellor Angela Merkel, largely about economic issues, White House spokesman Jay Carney said.
"The president was encouraged by what he heard regarding ongoing discussions in Europe about the paths they are pursuing to address the crisis," Carney said. "The two leaders agreed to work closely together, including at this G-20, to build support for what needs to be done in Europe and the world to stabilize the situation and support growth and jobs."
Obama is also scheduled to meet Tuesday with Chinese President Hu Jintao. The leaders are expected to discuss China's role in ongoing talks with Iran over its nuclear program, as well as China's role in spurring growth.
The members of the G-20 are the United States, the European Union, Germany, Great Britain, France, Italy, Japan, Russia, China, Canada, Argentina, South Korea, South Africa, Mexico, Brazil, India, Indonesia, Saudi Arabia, Turkey and Australia.