February 16, 2012 / 3:00 PM / 8 years ago

U.S. officials urge Europe to deal with its crisis

WASHINGTON, Feb 16 (Reuters) - Europe has the resources to deal with its debt crisis and should step up efforts to contain risks before they balloon into financial contagion, which could damage the U.S. and global recovery, senior Obama adminsitration officials said on Thursday.

“The challenge Europe faces is within the capacity of the Europeans to manage and the administration has been clear with our international partners that we are not seeking additional funding for the IMF (International Monetary Fund),” Treasury Undersecretary Lael Brainard said in testimony prepared for the Senate Banking Committee.

IMF resources “cannot substitute for a strong and credible European firewall and response,” she added.

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