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US urges quick action on eurozone debt crisis

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US urges quick action on eurozone debt crisis


The eurozone must move quickly with more measures to quell its debt crisis, US Treasury Secretary Timothy Geithner said on Wednesday.

Speaking at a Council on Foreign Relations event in Washington, Geithner highlighted what he felt the bloc’s main priorities should be.

He predicted that the world will be looking to Germany and the other major euro area nations to lay out their plans “on banking union, on a firewall for the reform of countries and on growth.”

“They have a big incentive to add as much clarity as early as they can,” he said.

EU leaders are under pressure to unveil some of their plans at the G20 summit in Mexico as the continent’s economic woes continue to drag on growth around the world.

The two-day meeting starts on Monday – a day after the Greek elections that could determine whether the country remains inside the 17 nation currency union.

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