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'Europe needs stronger firewall against debt crisis'

Saturday January 28, 2012 01:05:19 PM, IANS

Davos: Europe needs to build a better firewall and work towards a stronger commitment of financial resources to curb the debt crisis, said US Treasury Secretary Timothy Geithner.

Acknowledging all the efforts, especially in the past two months, by the European governments to rein in the crisis, Geithner Friday said there are still "unfinished pieces of the framework" for Europe, reported Xinhua.

Europe has to "build a stronger and more credible firewall", he said at the annual meeting of the World Economic Forum.

On calls for more International Monetary Fund (IMF) involvement, Geithner said if Europe is willing to do what they have to, then "the IMF can play a supportive and constructive role." There has to be the "European commitment" first, he added.

On the austerity measures the Europe is implementing, Geithner said for some part of Europe, there is no alternative to substantial adjustment to budget deficits for a long period of time.

However, he said there also needs to be some support for growth and competitiveness, adding that there has to be a stronger commitment of financial resources standing behind the efforts to fight the crisis.




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(Photo: IANS/Amlan Paliwal)



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