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Edition: U.S. Article Comments (0) Slideshow Video Save Email Print Reprints Most Popular Most Shared Apple overtakes Microsoft as biggest tech company 26 May 2010 BP exec: Appears only drilling mud flowing from well 26 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 U.S. to suspend Arctic drilling: Alaska senator 1:11am EDT Lee DeWyze wins "American Idol" as Cowell departs 2:55am EDT Risque Venus brings Moulin Rouge style to French Open 26 May 2010 Ellen DeGeneres starts own record label, signs YouTube kid | Video 26 May 2010 BP monitoring to see if "top kill" plug working | Video 1:45am EDT In BP command center, CEO and Dr Chu plot course 26 May 2010 BP, Transocean workers argued before blast: witness 26 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 Facebook boosts privacy controls amid criticism 26 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 U.S. to suspend Arctic drilling: Alaska senator 1:11am EDT Foxconn hit by 10th jumping death 1:53am EDT Lee DeWyze wins "American Idol" as Cowell departs 2:55am EDT In BP command center, CEO and Dr Chu plot course 26 May 2010 Stalin blocked attempts to kill Hitler: general 25 May 2010 Euro nears 4-year low vs dollar | Video 1:44am EDT Global Energy summit Gulf spill could spur consolidation BP's huge Gulf of Mexico oil spill could force smaller players in the Gulf to consolidate or sell assets, as higher regulatory costs and legal risks make operating there too expensive. Full Article | Full Coverage Total eyeing asset deals but no corporate M&A Read more from the Global Energy Summit Geithner takes plea for European action to Germany Gernot Heller BERLIN Thu May 27, 2010 1:32am EDT Factboxes Factbox: What's in Italy's austerity package? Wed, May 26 2010 Factbox: Austerity measures around eurozone Wed, May 26 2010 Related News PIMCO: Greece can't grow its way out of debt Wed, May 26 2010 Berlusconi defends austerity cuts, but strike looms Wed, May 26 2010 Geithner: Markets want action on EU stability plan Wed, May 26 2010 Euro dip "welcome," no eurozone recession: OECD Wed, May 26 2010 Germany prepares for worst in euro zone crisis Wed, May 26 2010 Related Video Giethner on Europe crisis tour Wed, May 26 2010 German consumer morale dips < 1 / 5 > View Full Size BERLIN (Reuters) - Treasury Secretary Timothy Geithner takes his appeal for swift European action to calm markets to Germany on Thursday, the key player that stunned markets last week with its ban on some speculative trades. World | China | Germany | Italy During his stopover in London, Geithner told Europeans that markets wanted to see the euro zone activate its $1 trillion emergency plan designed to stabilize the currency plagued by fears that a Greek-style debt crisis could hit more countries. Even as Italy joined a growing roster of European Union nations announcing austerity plans to support the euro, the currency extended its decline on a report that China was reviewing its euro holdings. The Financial Times said representatives of the Chinese entity that manages the world's largest foreign reserves had met with foreign bankers in Beijing recently to discuss Chinese exposure to euro zone debt. But the currency bounced back from levels close to four-year lows after a Chinese government official told Reuters on Thursday that there would be no change in China's efforts to diversify its reserves. The euro, which has lost more than 8 percent against the dollar so far this month and is heading for its biggest monthly fall since October 2008, climbed back to $1.2276 from a day low of $1.2154. Washington has grown increasingly concerned that the effects of the Greek fiscal blow-out could spread well beyond Europe, with banks prone to a similar confidence crisis that roiled world markets during the 2007-2009 financial crisis. TOP PAYMASTER Germany, Europe's biggest economy and its main paymaster, holds the key to any successful EU-wide action. Its initial reluctance to bail out Athens was blamed for the EU's slow response once Greece's debt blow-out began morphing into a crisis of confidence in the euro zone as a whole. Geithner is due to meet European Central Bank President Jean-Claude Trichet and ECB council member and Bundesbank chief Axel Weber in Frankfurt before heading off to Berlin for talks with his German counterpart Wolfgang Schaeuble. Weber, a leading advocate of fiscal and monetary conservatism on the ECB's policy council, has long warned about long-term pitfalls of extraordinary steps taken to fight financial crises and distanced himself from the ECB's move to buy government bonds to stabilize markets and support the $1 trillion emergency plan. Schaeuble, in turn, angered his EU partners by going it alone and signing off on a ban on so-called naked short selling of Germany's top financial stocks, euro zone government debt and credit default insurance contracts on that debt. Berlin blames speculators for aggravating the debt crisis with aggressive bets against the euro, but the move was seen as largely symbolic because it was isolated and most of the targeted trades took place outside of Germany's jurisdiction. Geithner, who will hold a joint news conference with Schaeuble before heading back to Washington, may repeat his call for a globally consistent approach to financial reform, seemingly a swipe at Germany's single-handed action. Yet despite criticism, Germany looks determined to push through with the clampdown and a finance ministry document showed earlier this week it was even considering widening the ban. After talks with his British counterpart, George Osborne, Geithner said of the EU plan to support indebted states: "I see a very strong political commitment -- you see that not just in Germany but across Europe -- to make it work. I think what Europe should do is implement the program they've laid out." AUSTERITY CLUB Berlin signed off on a 110 billion euro Greek rescue and the $1 trillion emergency scheme only in return for pledges of drastic spending cuts from potential beneficiaries. Greece, Portugal, Spain and Italy have all agreed to push through with multi-billion euro savings despite fierce opposition from trade unions and sometimes violent street protests. Italian Prime Minister Silvio Berlusconi sought to support the euro on Wednesday with a vigorous defense of his government's 25 billion euro ($30.65 billion) austerity package, approved by his cabinet in an emergency decree. "The sacrifices required are indispensable to save the euro," Berlusconi said. "For years, Italy -- like many countries in Europe -- lived above its means. We are all in the same boat." Amid the gloom, the OECD had a rare positive take on the euro's battering, saying the currency's decline would help cushion the impact of debt-shrinking austerity efforts and prevent the euro zone from sliding back into recession. "The weak euro, in the short- to medium-term, is a welcome development." Pier Carlo Padoan, chief economist for the Paris-based Organization for Economic Co-operation and Development told Reuters in an interview. He also said that massive debts following the global recession were "not just a European problem, but one that Europe was about to tackle faster than others. ($1=0.8156 Euro) (Writing by Tomasz Janowski; Editing by Neil Fullick) World China Germany Italy Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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