Timothy Geithner: EU Crisis Puts World Economy At Risk

Timothy Geithner at the Council on Foreign Relations

EU crisis puts economy at risk, warns Geithner (Independent, Oct. 7, 2011):

A downward spiral of weakening confidence and faltering economic growth in the eurozone could bring the rest of the global economy down with it, the US Treasury Secretary warned last night.

In another nudge to European countries to act decisively to resolve their sovereign debt problems, Tim Geithner said that the direct exposure of US banks to the eurozone was limited but that the country could not escape the wider consequences of Europe’s economic and financial difficulties.

“The European financial crisis has placed significant pressure on its financial institutions and slowed growth significantly in Europe and around the world,” he told a session of the Senate Banking Committee, which was holding a hearing on financial stability.

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