Sunday, August 7, 2011

(GIF) Geithner Says European Nations Must Get ‘Fiscal House’ in Order

Treasury Secretary Timothy F. Geithner said European governments need to get their “fiscal house” in order and provide a financial backstop for economies under pressure.

“What Europe needs to do is to make sure that there’s an unequivocal financial backstop,” Geithner said, according to the transcript of an interview with NBC and CNBC television today. “So there is no doubt in anyone’s mind that those countries have the ability and the will to meet their obligations. That’s essential to managing crises.”

“I’m confident you’re going to see them step up and provide more forceful support for the countries under so much pressure,” Geithner said. “They need to make sure that there’s stronger economic growth, that those governments are getting their fiscal house in order.”

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