Geithner: Stronger efforts needed for debt crisis

September 24, 2011 - 10:35 AM
Global Economy Meetings

Treasury Secretary Timothy Geithner participates in the National Journal's live summit on making America competitive in the global economy, Thursday Sept. 22, 2011, in Washington. (AP Photo Manuel Balce Ceneta)

WASHINGTON (AP) — Treasury Secretary Timothy Geithner wants faster and bolder action to deal with the European debt crisis, and he's calling that crisis the most serious risk to the global economy.

Geithner tells leaders of the International Monetary Fund that without more decisive moves, there's a risk of domino-style defaults by European countries.

He says critical decisions cannot wait until the crisis grows more severe.

Geithner has a specific request for the European Central Bank, which serves as the central bank for the 17 nations that use the euro currency. He wants the bank to make sure that countries that are pursuing credible reform programs have access to capital.

The treasury secretary spoke to the IMF on Saturday.