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All Eyes on Geithner in France
Posted: 12/07/11
By: tomgrisafi
Investors and traders are closely watching U.S. Treasury Secretary Timothy Geithner on his European exploits this week.
Geithner is scheduled to meet French President Nicolas Sarkozy in Paris today "to press for decisive steps towards resolving Europe's deepening debt crisis as the region's leaders prepare for a crucial summit this week," CNBC reported.
Geithner is backing a Franco-German blueprint for an overhaul of the European Union (EU) treaty, after credit rating agency Standard & Poor's fired a second warning shot at the bloc in 24 hours by threatening to cut the credit rating of its EFSF rescue fund.
Sarkozy and German Chancellor Angela Merkel will be on hand for Friday's EU summit to present a plan to "impose mandatory penalties on euro zone states that exceed deficit targets, with the aim of restoring market trust and preventing the region's deepening debt crisis spiraling out of control."
Source: CNBC
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