Geithner Predicts European Leaders Will Boost Eurozone Bailo

September 28, 2011

Treasury Secretary Timothy Geithner predicted that European governments will step up their response to their region's debt crisis during an interview with ABC's Diane Sawyer.He stated that in Washington meetings last week, leaders from around the world said Europe's crisis is starting to hurt growth everywhere, even in countries such as Brazil, India, China, and Korea. Stocks rallied on the speculation that efforts to aid the European debt crisis will be strengthened. Central Bank and Finance Minister meetings next week will decide whether or not to disburse a loan to Greece to help avoid default. Dutch and Finnish officials have said that they will not boost their commitments to the Eurozone bailout fund.Geithner went on to say in the interview that Europe has some time to boost measures but not much time. He stated that European leaders have said both in public and private that they intend to escalate the measures, and hoped that would soon be done.