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27 September 2011

Bloomberg: Geithner to Europe - Get on with crisis response


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US Treasury Secretary, Timothy F Geithner, predicted that European governments will step up their response to their region's debt crisis after a chiding from counterparts around the world.


Geithner’s remarks maintain pressure on Europe ahead of finance minister and central bank gatherings next week and a decision on whether to disburse a loan Greece may need in order to avoid default. Speculation that rescue efforts will be strengthened spurred a rally in stocks, even after Dutch and Finnish officials said they won’t boost commitments to a euro area bailout fund.

Europe has “some time, but not very much time”, Geithner said. “If you listen carefully to what they said this weekend, not just to us in private, but what they said publicly, they’re foreshadowing now the escalation that’s going to come. And we’d like them to get on with it.”

Geithner set the tone at the annual meeting of the International Monetary Fund and World Bank by warning that failure to combat the Greek-led turmoil threatened “cascading default, bank runs and catastrophic risk”. The gathering followed the G20 session.

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© Bloomberg


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