June 19, 2012 / 10:21 PM / 7 years ago

Geithner encouraged by Europe's crisis plans

LOS CABOS, Mexico (Reuters) - U.S. Treasury Secretary Timothy Geithner said he was encouraged by European leaders’ plans to tackle the region’s crisis, including attempts to bring down borrowing costs quickly for struggling euro zone countries.

“What they’re trying to do is to design a framework to not just make Europe stronger for the future with reforms to build a stronger set of institutions for fiscal union, banking union...but also trying to make sure in the very near term they put in place a set of measures that can help make sure they’re supporting the financial systems in Europe and helping make sure countries undertaking the reforms, like Spain and Italy, can borrow at sustainable interest rates,” Geithner said.

He was speaking as Group of 20 leaders ended a two-day summit overshadowed by Europe’s debt crisis.

Reporting by Jeff Mason; Writing by William Schomberg

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