Geithner briefs Boehner on euro crisis

By Agence France-Presse
Tuesday, November 1, 2011 17:43 EDT
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WASHINGTON — Amid fears the eurozone crisis may spill into US markets, Treasury Secretary Tim Geithner on Tuesday discussed the situation with Republican House Speaker John Boehner, the lawmaker’s spokesman said.

Geithner briefed Boehner “on the European debt crisis and the potential impact on America,” said the speaker’s press secretary, Michael Steel.

The meeting came after Greece plunged the eurozone back into crisis and markets into panic with a shock call for a referendum on a debt rescue package reached only with huge difficulty just last week.

Prime Minister George Papandreou’s decision to hold a confidence vote Friday and then a referendum on the debt deal stunned investors, angered EU leaders and left the eurozone back at square one, with Italy now under pressure just ahead of a high-profile Group of 20 summit in France.

The turmoil saw some European markets slump by 5.0 percent or more and pushed borrowing rates uncomfortably near record levels for Italy, which can ill afford to pay extra to raise funding given its strained finances.

Agence France-Presse
Agence France-Presse
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