Geithner In Europe To Address Debt Crisis

05.26.10 | FL News Team

Treasury Secretary Timothy Geithner is in Europe today to address the region's growing debt crisis. The crisis spurred on by the economic woes of Portugal, Ireland, Greece and Spain has cause global stocks to tumble and sparked fears of another worldwide recession. Geithner is slated to meet with the governor of the Bank of England and the British finance minister in London before heading to Germany. There, he will meet with the president of the European Central Bank and the German finance minister. The U.S. Treasury released a statement saying Geithner will, quote, "discuss the economic situation in the region and the measures being taken to restore global confidence and financial stability and to promote continued recovery." CNBC is reporting he will also encourage European officials to conduct bank stress tests similar to those conducted by U.S. regulators in 2009. Treasury officials credit the stress tests with calming turmoil in the U.S. markets.