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U.S., Germany pledge determination to tackle euro crisis

(Xinhua)

09:36, July 31, 2012

BERLIN, July 30 (Xinhua) -- German Finance Minister Wolfgang Schaeuble and U.S. Treasury Secretary Timothy Geithner on Monday pledged to tackle euro crisis, calling for "international cooperation and coordination."

The ministers "emphasized the need for ongoing international cooperation and coordination to achieve sustainable public finances, reduce global macroeconomic imbalances, and restore growth," said a statement following their meeting in the famous holiday island of Sylt on the North Sea.

The statement added that "both expressed confidence in euro area member states' efforts to reform and move towards greater integration."

Citing Ireland's recent successful bond auction, they also praised Spain and Italy's efforts in pursuing "far-reaching fiscal and structural reforms."

Geithner will later fly to Frankfurt to meet European Central Bank (ECB) President Mario Draghi, who has said the ECB should do "whatever it takes" to restart bond-buying and prevent the common currency from falling apart.

Geithner's visits have raised speculation that the U.S. will press Germany to take bolder action in bond markets to control the rocketing borrowing costs of Spain and Italy.

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