Tags: Geithner | Europe | crisis | Growth

Geithner: Europe Debt Crisis Poses Risk to Global Growth

Thursday, 06 Oct 2011 08:49 AM

U.S. Treasury Secretary Timothy F. Geithner will tell lawmakers that the European financial crisis is increasing the risks to global growth, according to testimony prepared for delivery Thursday.

“Our direct financial exposure to those governments and their financial institutions is quite small, but Europe is so large and so closely integrated with the U.S. and world economies that a severe crisis in Europe could cause significant damage by undermining confidence and weakening demand,” Geithner says in testimony to the House Financial Services Committee.

Geithner calls for a more “powerful financial backstop” for European banks and government borrowers, one that is “conditioned on policy actions that credibly address the underlying causes of concern.”

His remarks, obtained by Bloomberg News, come in testimony for hearings before the House Financial Services Committee and Senate Banking Committee on the previously released annual report of the Financial Stability Oversight Council. The FSOC next meets on Oct. 11.

He calls on Congress to take steps to strengthen the U.S. economy and makes a pitch for President Barack Obama’s $447 billion jobs plan.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Economy
U.S. Treasury Secretary Timothy F. Geithner will tell lawmakers that the European financial crisis is increasing the risks to global growth, according to testimony prepared for delivery Thursday. Our direct financial exposure to those governments and their financial...
Geithner,Europe,crisis,Growth
176
2011-49-06
Thursday, 06 Oct 2011 08:49 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved