Source: http://news.yahoo.com/geithner-warns-eu-against-hasty-budget-measures-020217982.html
Monday, March 19, 2012
Geithner warns EU against hasty budget measures
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said Europe was only at the initial stages of a long and difficult path toward fiscal sustainability and warned heavily indebted countries not to resort to draconian measures to fix their budgets, according to congressional testimony released on Monday. "Economic growth is likely to be weak for some time. The path of fiscal consolidation should be gradual with a multiyear phase-in of reforms," Geithner said in remarks prepared for delivery to the House Financial Services Committee on Tuesday. ...
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