News / Economy

Geithner Says Plan to Resolve Euro Debt Crisis Must Succeed

U.S. Treasury Secretary Timothy Geithner briefs the media during a news conference with German Finance Minister Wolfgang Schaeuble after a meeting at the finance ministry in Berlin, Tuesday, Dec. 6, 2011.
U.S. Treasury Secretary Timothy Geithner briefs the media during a news conference with German Finance Minister Wolfgang Schaeuble after a meeting at the finance ministry in Berlin, Tuesday, Dec. 6, 2011.
Lisa Bryant

U.S. Treasury Secretary Timothy Geithner called on Europe to forge a closer fiscal and monetary union, as he began a three-day European tour to push leaders for decisive action on the region's spreading debt crisis.

Speaking to reporters in Germany, U.S. Treasury Secretary Timothy Geithner said he was encouraged by recent developments, notably a plan outlined by French and German leaders to strengthen economic ties and accountability among members of the 17-nation eurozone.

"I am here in Europe, of course, to emphasize how important it is to the United States and to the world economy as a whole that Germany and France succeed alongside the other nations of Europe in building a stronger Europe," he said.

Geithner spoke two days before a key summit of European Union leaders, who are under pressure to take decisive action to fix the region's sovereign debt and currency crisis.

Despite a plan that French President Nicolas Sarkozy and German Chancellar Angela Merkel will present at the Brussels summit on Thursday, rating agency Standard & Poor's warned it could lower the ratings of 15 European nations -including financial powerhouses France and Germany.

But Geithner played down suggestions that the U.S. Federal Reserve could step in to help out the eurozone indirectly - via the International Monetary Fund. He said a report suggesting this was not accurate.

"Of course, the IMF has a role to play in this and we will continue to support ... the fund in the context of the efforts the Europeans are making to build a stronger Europe," Geithner said.

Geithner holds a flurry of meetings with top European officials in the coming days. He met with the head of the European Central Bank and Germany's finance minister on Tuesday. On Wednesday, he is in France for talks with President Sarkozy and Spain's incoming prime minister, Mariano Rajoy. On Thursday, he heads to Italy for more discussions with new Prime Minister Mario Monti.

Geithner has made several visits to Europe this fall, underscoring U.S. concerns that Europe's fiscal problems could spread overseas. Some European officials have given him a cool reception in the past.

Analyst Philippe Moreau Defarges, of the French Institute of International Relations, does not expect this trip to be any different.

"Mr. Geithner will be in Europe to put pressure on the European leaders, but he won't get anything because the United States is weak and Mr. Obama is weak too," he said.

In August, S&P downgraded the U.S. credit rating for the first time, from its top AAA rank to AA+, over concern about Congress' fiscal reduction plan.

You May Like

As AIDS Epidemic Matures, Workplaces Adapt

Issue of AIDS in workplace is one of many social issues being discussed at the 20th International Aids Conference in Australia More

Is Air Travel Safe?

Aviation expert says despite tragic losses of Malaysian Airlines flights 370 and 17, industry experienced lowest fatality rate in recorded history last year More

100 Days Later, Nigerian Girls Still Held

Activists holding rallies in Nigeria and several other countries to mark 100th day of captivity for more than 200 schoolgirls being held by Boko Haram More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
IAEA: Iran Turns its Enriched Uranium Into Less Harmful Formi
X
July 22, 2014 10:26 AM
Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Chicago’s Argonne Lab Developing Battery of the Future

In 2012, the U.S. Department of Energy’s Office of Science awarded a $120 million grant to a new technology center focused on battery development - headquartered at Argonne National Laboratory in suburban Chicago, Illinois. As VOA’s Kane Farabaugh reports, there scientists are making the next technological breakthroughs in energy storage.
Video

Video In NW Pakistan, Army Offensive Causes Massive Number of Displaced

Pakistan’s army offensive in North Waziristan has resulted in the large-scale displacement of the local population. VOA's Ayaz Gul reports from northwest Pakistan where authorities say around 80 percent of the estimated 1 million internally displaced persons [IDPs] have settled in Bannu district, while much of the remaining 20 percent are scattered in nearby cities.
Video

Video Kurdish Peshmerga Force Secures Kirkuk, Its Oil

The Kurdistan regional government has sent its Peshmerga troops into the adjacent province of Kirkuk to drive out insurgents, and to secure the area's rich oil fields. By doing this, the regional government has added a fourth province to the three it officially controls. The oil also provides revenue that could make an independent Kurdistan economically strong. VOA’s Jeffrey Young went out with the Peshmerga and filed this report.
Video

Video Malaysia Reeling: Second Air Disaster in Four Months

Malaysia is reeling from the second air disaster in four months involving the country’s flag carrier. Flight 340 vanished in March and despite an extensive search, no debris has been found. And on Thursday, Flight 17, likely hit by a surface-to-air missile, came apart over eastern Ukraine. The two incidents together have left more than 500 people dead. VOA Correspondent Steve Herman reports from Kuala Lumpur.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.