Treasury Secretary Timothy Geithner will discuss with European finance ministers the possibility of leveraging the euro zone's bailout fund to make it more effective in fighting the debt crisis.
Last winter, President Barack Obama, Treasury Secretary Timothy Geithner and a small posse of White House officials made a big show as they swept through Northeast Ohio to kick off their Startup America initiative that promised to help seed new ventures and create jobs. Eight months later, Ray Leach is still waiting.
Stocks rose 1 percent in a third day of gains on Wednesday after European leaders displayed new urgency in efforts to contain the euro zone debt crisis.
Treasury Secretary Timothy Geithner on Wednesday urged European leaders to act more forcefully to solve Europe's escalating debt crisis and said they have the financial and economic capacity to do so.
U.S. Treasury Secretary Timothy Geithner said Wednesday the global financial crisis, which has experienced two stages, is not likely to see a third -- as least not one emanating from Europe's banking sector.
Gold fell by nearly 1 percent on Tuesday after European leaders appeared to take a fresh step toward quelling the euro zone debt crisis, which dented other safe-haven assets, in spite of more data highlighting the fragility of the U.S. economy.
Treasury Secretary Timothy Geithner on Wednesday tried to shore up confidence in Europe's ability to solve its escalating debt crisis, saying they had the financial and economic capacity to do so.
Gold eased on Tuesday, taking its cue from the decline on the stock market after a downgrade of the debt of two major French banks because of their holdings of Greek debt.
Moody's Investors Service cut the credit ratings of France's Credit Agricole SA and Societe Generale on Wednesday, citing their exposure to Greece's debt, a fresh blow to euro area leaders struggling to restore confidence in the region.
Asian stocks, U.S. index futures and the euro fell on Wednesday as investors remained unconvinced that euro zone leaders have a coherent plan to tackle the bloc's sovereign debt problems, which many fear could trigger a new banking crisis.
The Federal Reserve, facing rising global financial strains and recession fears, is poised to increase downward pressure on longer-term interest rates next week in a bid to accelerate a sputtering U.S. recovery.
The Federal Reserve, facing rising global financial strains and recession fears, is poised to increase downward pressure on longer-term interest rates next week in a bid to accelerate a sputtering U.S. recovery.
Silver prices fell in electronic trading Tuesday afternoon following a big 2.4 percent gain during floor trading as the possibility that Europe's industrial activity will plunge took some shine off the white metal.
Greece's exit from the euro zone would inflict untold damage on Europe's economy, further burnish the attractiveness of a rising Asia and hasten the emergence of China's yuan as a global currency.
Gold prices rose Tuesday on global concern about the future of the euro zone, the continent's currency and the fragile state of worldwide economic growth.
Car industry executives from around the globe urged Europe's politicians to take bolder steps to solve the bloc's two-year-old debt crisis, warning its single currency could be derailed without more decisive action.
Treasury Secretary Timothy Geithner is likely to urge euro zone finance ministers on Friday to speed up ratification of changes to their bailout fund and consider boosting its size, an EU source said on Tuesday.
U.S. investors remained concerned that Europe's leaders are not getting ahead of the Greek crisis, which could result in a full-fledged Europe bank crisis, even as German Chancellor Angela Merkel, while not committing more German funds to possible intervention, again dismissed talk of a Greek default.
Alarm is growing in the United States at Europe's inability to solve its debt crisis and talk of a full-on Greek default is on the rise. Following are the key events and developments on Tuesday.
The yen took a back seat at the Group of Seven finance ministers' meeting, which grappled with Europe's debt crisis and global economic slowdown, but Japan said it met little resistance to further intervention.
Following are highlight quotes from Group of Seven finance ministers and central bankers meeting in Marseille.
Europe knows it must do more to persuade financial markets it is coming to grips with its debt problems but there is no question it has the financial firepower to do so, a senior U.S. official said on Friday.
