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US Treasury Secretary says Europe has financial capability to make currency union work

Published on July 31, 2012; Published on July 31, 2012

Topics :: European Central Bank , Europe , US , LOS ANGELES

LOS ANGELES, Calif. - Treasury Secretary Timothy Geithner says Europe has the financial wherewithal to deal with the region's crippling financial crisis and bolster the eurozone in the long-run.

Geithner spoke Tuesday at a luncheon in Los Angeles, a day after meeting in Germany with that nation's finance minister and with the president of the European Central Bank.

His remarks come as the European Central Bank prepares to meet on Thursday, a week after ECB President Mario Draghi vowed to do whatever it takes to save the European common currency, the euro.

Geithner says European leaders are committed to doing just that, but the challenge is figuring out how to make it politically feasible.

The 17 countries that use the euro are struggling to shore up economies across the region hit by deepening recessions.

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