Tags: EU | Europe | Financial | Crisis

Geithner: 'Encouraged' By Europe's Progress

Wednesday, 07 Dec 2011 07:14 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

PARIS — U.S. Treasury Secretary Timothy Geithner said Wednesday he is very encouraged with the progress Europe is making in coming up with a plan to shore up the euro in the wake of a crippling debt crisis.

Geithner's comments to reporters followed a meeting with French Finance Minister Francois Baroin on the second day of his whirlwind trip through Europe.

At a summit on Friday, Europe's leaders will discuss proposals made by France and Germany to impose greater budget discipline on the 17 nations that use the euro as a common currency.

Baroin said he and Geithner had spoken about building a "robust firewall" to reassure financial markets. Baroin also said they had also discussed greater involvement by the International Monetary Fund in resolving the debt crisis.

European countries have been pushing for more support for the IMF, which is already helping in the financial bailouts of Greece, Ireland and Portugal. But the United States has previously said that the IMF has adequate resources following a big increase in its financial firepower following the 2008 financial crisis.

However, U.S. officials have said they were reviewing a European proposal that some European governments would loan the IMF money that the agency could use to make loans to countries facing financial problems.

Geithner did not comment directly on Baroin's remarks about increasing IMF support but he called their meeting a "good, constructive" discussion.

"We are very encouraged with the progress that is being made," Geithner said.

Earlier, China also expressed support for the current outlines of the plan and offered to work with European governments.

"China always supports the development of European integration as well as efforts by the European Union to resolve the debt crisis," Foreign Ministry spokesman Hong Lei said at a daily media briefing. "We're ready to work with the international community to prevent turbulence in international financial markets and the world economy and promote a return to growth."

Geithner said a successful resolution of the European debt crisis is very important to the United States and the global economy.

Geithner met with Baroin in advance of discussions later with French President Nicolas Sarkozy.

On Tuesday, he began his three-day trip with meetings in Germany with Mario Draghi, the new head of the European Central Bank, and with German Finance Minister Wolfgang Schaeuble.

He is due to wrap up his trip with a meeting with new Italian Premier Mario Monti in Milan on Thursday.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Russia Convoy Enters Ukraine Without Kiev's Consent

Friday, 22 Aug 2014 10:17 AM

Russia's decision to send a convoy of aid trucks across the border into eastern Ukraine without Kiev's consent or an esc . . .

Widening Wealth Gap: 'Bottom 20%' Worse Off Than in 2000

Thursday, 21 Aug 2014 18:05 PM

A report from the Census Bureau is the latest evidence that the rich are getting richer while the poor get poorer. . . .

WSJ: Reid Effort to Malign Koch Brothers, Republicans May Work

Friday, 22 Aug 2014 09:59 AM

Senate Majority Leader Harry Reid's strategy of bashing conservative billionaire brothers Charles and David Koch appears . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved