US, Germany stress unity to end eurozone debt crisis

Associated Press

BERLIN

U.S. Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action Monday in the face of the eurozone debt crisis and faltering global growth but left open what joint steps Europe and the United States would take to shore up the world economy in the coming months.

Geithner traveled to the German North Sea island of Sylt for informal talks with Finance Minister Wolfgang Schaeuble, before heading on to meet Mario Draghi, the president of the European Central Bank, later Monday.

Geithner and Schaeuble praised efforts by Ireland, Portugal, Spain and Italy to turn their debt-ridden economies around and voiced optimism about economic reforms meant to deepen integration among the 17 eurozone members.

The joint statement made no reference to Greece, which has struggled to implement the reform package agreed with its creditors. The country faces the possibility of a chaotic exit from the common currency area if it fails to meet its bailout conditions.