Bloomberg
December 3, 2011
U.S. Treasury Secretary Timothy F. Geithner travels to Europe next week to press political leaders and central bankers to stem the region’s worsening debt crisis.
Geithner will continue to push the Europeans for quicker and more decisive action, a Treasury official said yesterday. The U.S. has no plans to make bilateral loans to the International Monetary Fund to help stem the crisis, said the official, who declined to be identified as a condition for holding a briefing with reporters in Washington.
Geithner will meet with French President Nicolas Sarkozy, Italian Prime Minister Mario Monti and European Central Bank President Mario Draghi during his Dec. 6-8 trip, the Treasury Department said in a statement yesterday. He will return to Washington before European leaders hold a Dec. 9 summit in Brussels.
The U.S. has been pressing European leaders to take stronger action in the crisis, which has seen bailouts of Greece, Ireland and Portugal and now threatens to engulf Italy and Spain. Officials from the Treasury and the Federal Reserve have said Europe also poses a risk to the U.S. recovery.
The IMF has ample resources of about $400 billion, the Treasury official said. European finance ministers said this week they would seek a greater role for the IMF alongside their own bailout fund. Several countries including Brazil and Mexico have said they are ready to help boost IMF resources.
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