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Geithner praises Italian debt efforts


Geithner praises Italian debt efforts


US Treasury Secretary Timothy Geithner says the US and all economies have a very strong interest in efforts being made to strengthen the euro.

He also praised new Italian Prime Minister Mario Monti who is trying desperately to keep his country from being swallowed up by debt.

“Prime Minister Monti has committed to a very strong program of economic reforms, to support confidence and strengthen Italy’s ability to grow in the future.”

Monti was hurriedly sworn in last month to push through austerity reforms to try to pull the euro zone’s third-largest economy back from the brink.

Geithner, who said Monti “has a lot of credibility not just in Europe, but in Washington, New York and around the world,” was in Italy’s financial capital Milan wrapping up a whistle-stop tour of Europe.

He came to lobby for action on the euro zone’s sovereign debt crisis ahead of the EU summit.

Monti said he and Geithner had discussed some key issues for the future of the euro zone such as possible treaty changes, the set up of firewalls to stop contagion from the crisis and the role the international community and the IMF can play in such a delicate moment.

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