#1 Lil Timmy Geithner Hits A Home Run..
09-16-2011, 07:03 PM
- Join Date
- Aug 2005
Geithner's "succinct" message irks Europeans
(Reuters) - It was an unprecedented visit designed to spur the euro zone into action. But Treasury Secretary Timothy Geithner's high-profile trip to Europe left some European officials more dumbstruck than starstruck.
Geithner's decision to travel to the small city of Wroclaw to discuss the sovereign debt problems of Greece, Ireland, Italy and the wider euro zone was the clearest indication yet of the severity of the near two-year-old crisis, which now threatens the global economy not just the single currency bloc.
Officials said Geithner was coming to propose how the region might try leveraging its emergency bailout fund -- the 440 billion euro European Financial Stability Facility -- to better tackle the crisis, much as the United States used leverage to handle the fallout from the subprime collapse....But however good Geithner's intentions, the indications were that the meeting did not go as smoothly as he might have hoped.
Held in a concert hall, the gathering lasted for about 30 minutes. The euro zone ministers arrived together by bus. Geithner was sped to the doors in a private car.....There was no word on whether voices were raised or what the temperature of the exchanges was, but Austria's finance minister, for one, was less than warm to Geithner's message.
"I found it peculiar that even though the Americans have significantly worse fundamental data than the euro zone that they tell us what we should do and when we make a suggestion ... that they say no straight away," Maria Fekter told reporters afterwards, recalling a difference of opinion between Geithner and German Finance Minister Wolfgang Schaeuble on how to reinvigorate the euro zone and tax financial deals.
Although some dropped hints of disagreement behind the meeting's closed doors, few were prepared to disclose Geithner's full prescription to heal the euro zone crisis.
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