Geithner: Europe must take needed steps to deal with crisis

by on July 30, 2012 2:49 pm BST

Mon Jul 30, 2012 10:49am EDT

(Reuters) – Treasury Secretary Timothy
Geithner, currently visiting a European continent plagued by an
ongoing financial crisis, on Monday expressed confidence that
authorities would take the necessary steps to stabilize the

In a joint statement with Germany’s Finance Ministry, the
U.S. Treasury lauded progress in the reform efforts of Ireland,
Portugal, Spain and Italy, all of which have faced varying
degrees of pressure on their sovereign bond markets.

“The U.S. and Germany will continue to cooperate closely
with their partners when advancing the policy agenda in autumn
to further stabilize global and European economies,” the
Treasury said.

The release offered no additional details on specific
measures but stressed “the need for policymakers to adopt and
implement all reform steps required to deal with the financial
crisis and crisis of confidence.”