December 3, 2011
The Obama administration and the International Monetary Fund are escalating their involvement in Europe's debt crisis as euro-zone officials struggle to resolve the continent's deepening turmoil.
Treasury Secretary Timothy Geithner plans to begin a three-day trip to Europe on Tuesday, where he will meet with top officials from Germany, France, Italy, Spain and the European Central Bank. The Treasury Department on Friday said the trip would be "for discussions with his counterparts on their efforts to reinforce the institutions of the euro area."
President Barack Obama asked Mr. Geithner to visit the European officials, a senior Treasury official said, a sign of their mounting concern as the crisis worsens.
Administration officials have been ramping up pressure on European leaders to take stronger action as the debt crisis in the 17-nation currency bloc weighs on the U.S. recovery and threatens to spark a new global financial crisis.
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