Treasury Secretary Timothy F. Geithner will meet with his counterparts in Europe next week as part of a last-ditch effort to persuade Europeans to take more dramatic action to contain their financial crisis.
Geithner decided he wanted face-to-face time with senior European policymakers before a critical euro-zone summit next Friday, officials said. The Treasury secretary is expected to continue to press those officials to build a massive firewall around the continent’s banks and its weaker countries, but he is not expected to come armed with a major proposal.
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The euro-zone summit will be a crucial moment for the region’s political and economic leaders to show they have a path forward that would arrest the continent’s debt crisis and calm investors. At stake is not only the future of the euro zone but economic growth in the United States and other markets.
Geithner will first meet on Tuesday in Frankfurt with Mario Draghi, president of the European Central Bank, and Jens Weidmann, president of the German central bank. He will then go to Berlin to meet with German Finance Minister Wolfgang Schauble.
On Wednesday, Geithner will meet with French President Nicolas Sarkozy and Finance Minister Francois Baroin in Paris. He will then go to Marseille to meet with Spain’s prime minister-elect, Mariano Rajoy Brey, who is in France on other business.
On Thursday, Geithner will meet with Italian Prime Minister Mario Monti in Milan. He returns to Washington that day.