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May 27, 2010, 09.58 AM IST
US Treasury Secretary Timothy Geithner said that financial markets want to see euro zone countries put into action their USD 1 trillion standby package designed to stabilise the European currency
Geithner, on a visit to
After talks with his British counterpart, George Osborne, Geithner said of the EU plan to support indebted states: "It's a good programme (and) has got all the right elements. What markets want to see is action."
The fund would provide heavily conditioned loans to euro zone governments that had difficulty borrowing on capital markets after a separate bailout for
European shares rallied by 3 % from Tuesday's nine-month lows and Wall Street was more than 1 % up but the euro remained under pressure amid continuing signs of banks' reluctance to lend to euro zone counterparts exposed to south European sovereign debt.
Geithner's stress on coordination of new regulation appeared aimed chiefly at
He is due to meet German Finance Minister Wolfgang Schaeuble in
On his flight to Europe from
Business television channel CNBC said he would also urge the Europeans to stress test their banks to identify those that need new capital and restore market confidence in the banking system.
The executive European Commission outlined a framework on Wednesday for a levy on banks' assets, liabilities or profits to pay in advance for the cost of future crises, setting the stage for a showdown on the tax at G20 summit in
"On this question, we can go forward by ourselves, on our own," Barnier told Reuters. "It is not up to the
The Commission said the proceeds of a bank levy should be ring-fenced for national bank resolution funds, putting
The costs for banks to borrow dollars from each other crept up to a new 10-month high on Wednesday.
May 23 2013, 16:33
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