Arab Today, arab today eu finance ministers seek debt crisis solution
Last Updated : GMT 00:00:20
Arab Today, arab today
Arab Today, arab today

EU finance ministers seek debt crisis solution

Arab Today, arab today

Arab Today, arab today EU finance ministers seek debt crisis solution

Brussels - Arabstoday

European finance ministers meet on Friday in an attempt to lay out plans to deal with the region\'s debt crisis. They will be joined by US Treasury Secretary Timothy Geithner, underlining Washington\'s fears that problems in the eurozone could spread beyond Europe. President Barack Obama has urged the 17-nation eurozone bloc to settle their differences over the debt crisis. The meeting in Poland comes a day after central banks pumped billions of dollars into the financial system On the agenda for the finance ministers will be attempts to resolve bickering over releasing more funds for near-bankrupt Greece, and the thorny issue of whether European countries should issue eurobonds to guarantee each other\'s borrowings. Demands that Greece accelerate its austerity plans, and divisions among governments and policymakers over support for indebted eurozone members, has sparked turmoil in the financial markets. Greece urgently needs more funds, but a review of the country\'s budget measures being led by the European Commission will not be completed until the end of September. In Germany, Finland, and Slovakia there are signs that public opinion is turning against providing funds for further bailouts. Differences over how the European Central Bank continues funding indebted nations was said to be behind this month\'s resignation of the European Central Bank\'s chief economist, Juergen Stark. Despite this backdrop of disagreement, the finance ministers will attempt to chart a common course through the debt crisis. Belgian Finance Minister Didier Reynders said on Thursday that now was not the time \"to rebuild walls,\" but to use the crisis to give new foundations to political integration in Europe. Several days of sharp falls on the stock markets was only halted on Thursday, when leading central banks, including the US Federal Reserve and Bank of England, agreed to flood the financial system with dollars. The aim was to ensure that the global banking has enough money to fund day-to-day operations. However, some analysts interpreted the move as a possible prelude to a Greek default. Pumping liquidity into the banking system would help to ensure it does not freeze after a default, said National Australia Bank\'s head of strategy, Nick Parsons. Despite a rebound on the share markets and a rally in the euro, few people believe the debt crisis is over. In Washington on Thursday, International Monetary Fund managing director Christine Lagarde called for bolder action on both sides of the Atlantic, warning that indecision and \"political dysfunction\" was pushing the US and Europe back towards the brink. The developed economies have entered a \"dangerous new phase\", she said. This week a European Commission report estimated that the region\'s economy would come to a \"virtual standstill\" in the final three months of the year, growing by just 0.1%.

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