Geithner warns EU of ‘catastrophic risk’

Report from the Informal Meeting of Finance Ministers and Central Bank Governors in Wrocław, Poland 16.09.2011. Unusually, Timothy Geithner, the US Treasury Secretary attended part of the meeting.

European finance ministers and IMF officials withheld an €8bn loan payment to Greece as the US told the continent’s leaders to stop bickering and take decisive action to tame the debt crisis that has brought 'catastrophic risk' to financial markets.

In a blunt warning that reflected Washington’s growing panic Mr Geithner urged European leaders to halt a months-long clash with the European Central Bank. He argued that the EU’s growing reliance on foreign lenders would imperil the bloc’s ability to control its own destiny.

ESO: Background information: Europe's currency crisis. How to save the euro http://www.europeansources.info/record/europes-currency-crisis-how-to-save-the-euro/

Poland: EU Presidency: Press Release, 16.9.11: Informal Meeting of Finance Ministers and Central Bank Governors in Wrocław http://pl2011.eu/en/content/informal-meeting-finance-ministers-and-central-bank-governors-wroclaw

BBC News, 16.9.11: Geithner warns EU against infighting over Greece http://www.bbc.co.uk/news/business-14943320

Deutsche Welle, 16.9.11: Decision on next Greek loan payout delayed until October http://www.dw-world.de/dw/article/0,,15391524,00.html

France24, 16.9.11: Geithner urges eurozone to leverage bailout fund http://www.france24.com/en/20110916-us-secretary-treasury-geithner-meets-european-finance-ministers-greek-debt-woes

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