Geithner, U.S. Treasury secretary, urges major shift in European financial system
http://dervishcom.blogspot.com/2011/09/geithner-us-treasury-secretary-urges.html
Treasury Secretary Timothy F. Geithner is pushing to make the European Central Bank the ultimate guarantor of bonds issued by the 17 countries that share the euro, a fundamental shift he maintains is the only sure way to solve a crisis threatening the global recovery.
In meetings in recent weeks in France, Poland and now Washington, Geithner has made the case that without strong backing from their central bank, governments in the euro area will be hampered for years by suspicion that their bonds are risky bets for investors. That lack of confidence has rocked global markets in recent weeks and could continue to threaten the European economy and banking system.
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Source: http://feeds.washingtonpost.com/click.phdo?i=cc1ae9ae45fd319abaa54d0932c9526f
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