-
Geithner Urges End to ‘Cascading Default’ Threat Arising From Europe Woes
U.S. Treasury Secretary Timothy F. Geithner demanded European policy makers intensify efforts to neuter the 18-month sovereign debt crisis or trigger the “threat of cascading default, bank runs and catastrophic risk.” In his strongest public push yet for Europe to step up its crisis-fighting, Geithner said strains in the euro-area’s budgets and banks are the “most serious risk now confronting the world economy.” He urged governments to unite with the European Central Bank to immediately “create a firewall against further contagion.” Geithner’s call -- made today at the annual meeting of the ... (full story)