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U.S. 'encouraged' by Europe's plan to stem crisis

4:20 PM, Jun 19, 2012   |    comments
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LOS CABOS, Mexico (AP) -- Treasury Secretary Timothy Geithner says the U.S. is "encouraged" by plans by European leaders to confront the continent's economic crisis by focusing on strengthening economic growth.

Geithner said on the sidelines of the Group of 20 summit in Mexico that European leaders are trying to design an economic framework to strengthen Europe's financial system and help countries like Spain and Italy borrow at "sustainable interest rates."

The Treasury secretary said the nations want to ensure that Greece is reforming within the European Union.

European leaders plan to release a more detailed response to the continent's financial crisis in Brussels during a summit at the end of June.

The Associated Press

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