Geithner: Europe has Lowered Risks of 'Catastrophe'

U.S. Treasury Secretary Timothy Geithner said on Sunday that Europe's actions so far to deal with its debt crisis have averted potential financial catastrophe but said it still must put up a sturdier firewall against contagion. "A durable solution requires both a sustained period of economic reform and a substantial financial firewall to support those reforms," he told a press conference at the conclusion of a Group of 20 finance ministers' and central bankers' meeting. The weekend meeting focused on Europe and many G20 participants made clear they want to see Europe put up more money for its own defense against a worse crisis before they chip in with more help through institutions like the International Monetary Fund. Continue reading this article

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