Fri | May 25, 2018

Geithner: Stronger efforts needed for debt crisis

Published:Sunday | September 25, 2011 | 12:00 AM

United States Treasury Secretary Timothy Geithner wants faster and bolder action to deal with the European debt crisis, and he's calling that crisis the most serious risk to the global economy.

Geithner tells leaders of the International Monetary Fund that without more decisive moves, there's a risk of domino-style defaults by European countries.

He says critical decisions cannot wait until the crisis grows more severe.

Geithner has a specific request for the European Central Bank, which serves as the central bank for the 17 nations that use the euro currency. He wants the bank to make sure that countries that are pursuing credible reform programmes have access to capital.

The treasury secretary spoke to the IMF on Saturday.

- AP