Geithner says Europe can survive euro crisis

U.S. Treasury Secretary Timothy Geithner said Tuesday he is confident that Europe can tackle the debt crisis which threatening the future of its single currency.

"I think it is completely within Europe's choice to manage," Geithner said at Wall Street Journal CEO Council Annual Meeting held in Washington.

The future of euro, the currency of 16 European nations, has been in hot debate since the burst of Greek sovereign debt crisis last year.

The international financial markets have already pounced on Greece, Ireland and Portugal, the three euro countries which are in debt crisis and post uncertainty to the fate of euro.

Geithner said that he was sure European leaders had the tools to deal with the crisis.

"Europe did put in place in the summer -- it took a while to do it, but they did put in place in the summer -- a very strong set of financial instruments to help those countries manage through the very difficult challenges they have," he said.

He also urged Europe to act quickly.

After years of fiscal irresponsibility, many eurozone countries are now in deepening debt trouble. Many economists predict that the euro may collapse if the debt problem is not properly managed.

It was reported Tuesday that Ireland's government is edging closer to a multi-billion-euro bailout as the EU piles on the pressure for the eurozone member to sort out its debt crisis.
(Source:XINHUA)