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U.S. Treasury Secretary Geithner hinted Friday that the Obama administration will support the IMF's increase in capital to increase the IMF's resources to deal with the crisis in the euro zone, provided that Europe itself must first come up with more funds.
Geithner said in an interview with the World Economic Forum that he expects the IMF to take more steps to support European efforts to control the debt crisis, but if there is no European commitment on this issue, what the IMF is doing is Can not play a substitute role. He said that even European governments recognize this reality.
He refused to stand on either side of the European fiscal austerity and stimulus debate, but said that supporters of stimulus measures overestimated the effectiveness of such measures. However, he emphasized the point that austerity measures alone will make the crisis worse. He said that if no more resources are injected, austerity measures will intensify the decline.
The Greek Finance Minister Evangelos Venizelos said on Friday that Greece and its private sector creditors have reached a "step away" from the full negotiation of the 100 billion euro debt reduction plan.
Venizelos said after meeting with the tripartite group delegation, â€œWe are very close to reaching a final agreement. In any case, the conclusion of the Greek debt reduction agreement must be achieved within the next few days.â€ The finance minister also pointed out that with the three parties The groupâ€™s consultation on the second round of the 130 billion euro rescue plan was â€œdifficultâ€.
According to a Greek government official, the government plans to enter into a principled debt write-down agreement with private sector creditors before Sunday.
As the market's concerns about the European debt issue have eased, non-US currencies have risen across the board, which has put pressure on the US dollar index, which has also led to a rise in spot gold.
Olli Rehn, EU Commissioner for Economic and Monetary Affairs, said on Friday that the next three days are very important to Greece and should avoid any form of Greek disorder.
Ryan pointed out that it may be possible to see Greece and private sector creditors reach an agreement this weekend, which is crucial to preventing Greece from defaulting. In any case, the Greek default will have a catastrophic impact on the euro zone.
Ryan also said that the European Central Bank's (ECB) initiative to provide long-term liquidity has restored European financial stability.
Although, in the late afternoon of New York City, Fitch Ratings, an international rating agency, downgraded five countries, including Spain, but did not downgrade Franceâ€™s 3A rating, Fitchâ€™s move did not have a negative impact on the market.
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