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Europe needs to tackle debt crisis 'decisively'

8 September 2011

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Europe needs to tackle debt crisis 'decisively'
European nations need to take decisive action to tackle the debt crisis that is currently threatening the continent's economic health, the US has argued.

Speaking ahead of a G7 meeting in France tomorrow (9 September), a senior official at the US Treasury said tackling "ongoing financial and sovereign stresses" should be the priority for European governments.

"That's the most important contribution they can make at the current time to the global recovery and I think that's where the focus will be," the representative stated.

Eurozone nations need to ensure the debt problems currently surrounding Italy and Spain do not spread, the US argued.

US treasury secretary Timothy Geithner said economic stability around Europe will be crucial to the US economic recovery and the unnamed treasury official stated it is extremely important vulnerable countries can access finance "at sustainable costs".

One of the treasury department's key roles is to protect the integrity of the US financial system, as well as act as an influential participant in the global economy.

By Tony Aynsley

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