Tags: Europe | debt | crisis | Geithner

US Works Behind Scenes on Europe Crisis

Wednesday, 07 Dec 2011 11:00 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S. officials are quietly working behind the scenes to keep the European debt crisis in check. They are pushing foreign leaders to be more aggressive in calming markets and negotiating with other European leaders, The Washington Post reported.

One of the key proposals that Treasury Secretary Timothy Geithner pushed when the crisis began last year was the creation of a much larger rescue fund than the $50 billion originally considered. Such a small amount would have accelerated the crisis and something more like $500 billion was needed, officials told the Post.

Federal Reserve Chairman Ben Bernanke and New York Fed chief Bill Dudley also are working on the debt crisis issue, the officials told the Post. The behind-the-scenes effort is being undertaken so as not to provoke the European public.

Geithner’s long-standing relationships with European leaders have allowed him to phone European Central Bank President Mario Draghi personally and avoid the days-wasting diplomatic niceties that generally precede such contacts, the Post reported. Geithner’s relationship with European financial leaders goes back some 15 years.

© 2014 Newsmax. All rights reserved.

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

Goldman, US Agency in Mortgage Settlement Worth $1.2 Billion

Friday, 22 Aug 2014 21:30 PM

Goldman Sachs has agreed to a settlement worth $1.2 billion to resolve claims that it misled U.S. mortgage giants Fannie . . .

Cop Who Pushed CNN Anchor in Ferguson Suspended Over Racist Speech

Friday, 22 Aug 2014 21:41 PM

A St. Louis County police officer who pushed back a CNN anchor during a live broadcast from Ferguson, Missouri, this wee . . .

Kudlow: Obama Using 'Left-wing Populist Tricks and Class Warfare'

Friday, 22 Aug 2014 19:08 PM

Badly behind in the polls, Team Obama is resorting to its old left-wing populist tricks, says renowned economist and CNB . . .

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