Geithner calls for clear, single European voice
US Treasury Secretary Timothy Geithner yesterday called on European policymakers to speak with a unified voice about their efforts to stem an emergency in Greece.
“It would be very helpful to have Europe speak with a clear, more unified voice and strategy,” Geithner said in Washington. “It is very hard for people who invest in Europe to understand what that strategy is. The simple rule of crisis management is you want to have a simple, clear, unified, declarative strategy.”
Geithner said he told Group of Seven leaders over the weekend that the European Union has “a very substantial financial arsenal” at its disposal and needs to ensure that it is “available to be deployed to do the kind of things they need to do to make this process work.”
“That means make it available so banks can be recapitalized where they need capital, to make sure there is a funding available to the banking system,” he said. There “is no reason why Europe cannot manage these problems.”