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Geithner in Poland for Ecofin crisis summit

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Geithner in Poland for Ecofin crisis summit


US Treasury Secretary Timothy Geithner has arrived in Poland for talks with Europe’s finance ministers. They are hoping to find a way forward through the debt crisis threatening the region.

The fear is that this, coupled with the economic problems in the US, may slow global growth.

Greece is the current focus of concern. Talk of Athens defaulting is gathering momentum by the day.

Wolfgang Schauble, Germany’s Finance Minister, told reporters “There are problems on both sides of the Atlantic and so both sides have to act to restore stability on the markets. Otherwise the risk is that the global economy will be fundamentally weakened.”

The perception on the markets is that eurozone leaders have not moved fast enough to contain the crisis. With Geithner in attendance, the message is clear – do something, and do it now.

European shares rose in early trading, buoyed by news of the meeting but also boosted by the announcement of emergency liquidity measures by five central banks.

But ever cautious market-watchers say that, while this may have allayed fears for now, volatility is likely to continue until a long-term solution to the problems is found.

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