Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Geithner confident EU will resolve crisis
Published in The Saudi Gazette on 17 - 05 - 2010

US Treasury Secretary Timothy Geithner said he is confident Europe will resolve its debt crisis and that the US economy can withstand any fallout, Bloomberg reported.
Geithner also said he was “confident” China would allow the value of the yuan to rise against the dollar. He underlined that seeking “a level playing field” for US exporters would be at the centre of Washington's agenda in talks with Beijing later this month.
“Europe has the capacity to manage through this,” Geithner said in an interview on Bloomberg Television that was scheduled to be aired this weekend. “And I think they will.”
He said Europe was “committed to fix this problem”.
Last week, the EU, IMF and central bankers put together a $1 trillion rescue package to stabilise world markets and prevent the Greek debt crisis from destroying the euro currency.
Financial markets have been troubled since though on concerns that the austerity measures needed to bring some euro area budget deficits back under control could derail economic recovery. The euro fell on Friday to an 18-month low.
Geithner said the $1 trillion package was an “enormously important step” and he didn't think the European turmoil would hurt U.S. growth.
“Our economy is getting stronger. We're seeing a lot of strength, improvement and confidence,” he said.
He said the US economy was recovering from the global crisis “more quickly and stronger than many people expected. We can take a lot of comfort and encouragement from the signs of strength that we're seeing here in the United States.”
Geithner is due to meet Chinese Vice Premier Wang Qishan in Beijing on May 24-25 as part of regular dialogue between the two countries.
“It is in China's interest that they move to let their exchange rate start to gradually reflect market forces,” Geithner said. “I'm confident they're going to do that.”
China has shackled the yuan at around 6.83 per dollar since the middle of 2008 to help shield its economy from the global downturn.
But lawmakers in Washington have criticised Beijing for the policy, saying it gives Chinese firms an unfair export advantage and costs Americans jobs. Some Western economists argue the currency is as much as 40 percent undervalued.
Geithner praised Senate legislation to overhaul financial regulation aimed at preventing a repeat of the US financial meltdown in 2008, Bloomberg said.
“It's time to get this done. We want to bring it to earth now so that we can get on to other challenges,” Geithner said.
He promised the Treasury would move quickly after the financial bill passes to build consensus on how to reform mortgage-financing companies Fannie Mae and Freddie Mac.


Clic here to read the story from its source.