Geithner ‘Encouraged’ by Europe’s Plan to Tackle Economic Crisis

Jun 19, 2012 8:19pm

LOS CABOS, Mexico — Treasury Secretary Timothy Geithner said today he is encouraged that European leaders appear ready to make a more forceful response to the financial crisis threatening the global economic recovery.

Speaking at the close of the G20 summit, Geithner said European leaders are focused on steps intended to stabilize the eurozone and promote growth in the region.

“We’re encouraged by what we’ve heard from the European leaders today and by the broad focus around the world we’re seeing to the need to strengthen economic growth,” Geithner told reporters.

European leaders are expected to detail their plan at a “critical” summit in Brussels at the end of next week.

“They’ve laid out a framework with a series of very important key elements,” Geithner said, including proposals to build a “stronger framework to make their financial system work.” He said he was also encouraged by their plans to work with Greece to make sure it is “reforming within the European community.”

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