U.S., Germany Confident on Eurozone Reform Success

Posted July 30th, 2012 at 12:20 pm (UTC-5)
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The U.S. and German finance chiefs are voicing confidence that the 17-nation euro currency union will be able to reform and further integrate its financial operations.

U.S. Treasury Secretary Timothy Geithner met with German Finance Minister Wolfgang Schaeuble at his North Sea vacation retreat Monday. Later, the finance chiefs said in a statement that the eurozone nations need to adopt a variety of reforms to end the threat the lengthy European debt crisis poses to the global economy.

Geithner and Schaeuble praised the efforts of the Irish and Portuguese governments to stabilize their economic fortunes after accepting international bailouts in the last two years. They also discussed efforts by debt-ridden Spain and Italy to enact economic reforms, even as both have faced increased borrowing costs.

Geithner was set to meet later with European Central Bank president Mario Draghi, who pledged last week that the bank would do “whatever it takes” to preserve the euro.