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US Treasury chief holds talks in London, Germany

US Treasury chief holds talks in London, Germany

U.S. Treasury Secretary Timothy Geithner met with key finance officials in Britain and Germany on Wednesday, saying that while the European Union has a good plan for tackling its debt crisis, it must act on it soon.
The European Union has drafted a $1 trillion rescue package for eurozone countries aiming to avoid a rapid fall in the euro and protect countries from bankruptcy.
Geithner endorsed the European program at a brief news conference with Britain's Treasury chief, George Osborne.
"I think it has got the right elements," Geithner said but added: "The markets want to see action."
He added that he believe European leaders "will do what's necessary to make it work."
Geithner met in London with Osborne and Business Secretary Vince Cable, newly installed in office in the coalition government that took over after this month's national election. Geithner was also meeting Bank of England governor Mervyn King.
"I just want to underscore the American commitment to making sure that we come to agreement on a carefully designed, consistent approach to financial reform that will put in place stronger global standards across the system, provide the right balance between stability, preserving the capacity for innovation and making sure we reduce the risk of future crises," Geithner said.
Afterward, Geithner left London and flew to Frankfurt, Germany, to meet with Jean-Claude Trichet, president of the European Central Bank in what was billed as working supper.
The two met privately and neither was available to comment on the substance of their talks or precisely what was discussed.
Geithner will remain in Germany through Thursday afternoon to meet with Axel Weber, the president of Germany's Bundesbank and the man many think may replace Trichet, whose term as head of the central bank to the 16-nation euro zone will end in 2011.
Afterward, Geithner will go to Berlin for a meeting with German Finance Minister Wolfgang Schaeuble before flying back to Washington.
U.S. Treasury officials played down market speculation that Geithner's meetings would produce coordinated action, such as an intervention to bolster the euro, which has been pummeled in recent days amid market fears that the problems that have plagued Greece may spread elsewhere in the eurozone.


Updated : 2021-06-15 21:22 GMT+08:00