Geithner To Urge Europe Leaders For Action

Geithner To Urge Europe Leaders For ActionTreasury Secretary Timothy Geithner is all set to urge key officials of Europe to take decisive action next week at a make-or-break summit for preventing a debt crisis from turning into runaway contagion.

Treasury announced Geithner would be meeting French President Nicolas Sarkozy, new Italian Prime Minister Mario Monti, and Spanish Prime Minister-elect Mariano Rajoy on the December 6-8 trip.

Jan Eberly, the Treasury’s chief economist, said a European recession brought about by the debt crisis would pose serious risks to the U.S. economy.

“That’s a substantial exposure from U.S. economy to what happens in Europe, so that’s absolutely a source of concern,” Eberly, the assistant secretary for economic policy, told reporters.

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