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Edition: U.S. Article Comments (1) Video Save Email Print Reprints Most Popular Most Shared Scherzinger wins "Dancing With the Stars" 1:34am EDT BP had warning signs before Gulf blast: panel 12:26am EDT Civil fine in Gulf spill could be $4,300 barrel 25 May 2010 BP's handle on Gulf spill pivots on "top kill" | Video 2:03am EDT Crystal storms back, Lee nervous in "Idol" finale 25 May 2010 Obama tells military: prepare for North Korea aggression 24 May 2010 Seoul shares turn flat as foreign selling ensues 25 May 2010 UPDATE 6-Obama to send troops, bolster border security 25 May 2010 North Korea threatens to cut last link with South | Video 3:14am EDT Euro down as debt fears linger | Video 3:11am EDT Civil fine in Gulf spill could be $4,300 barrel 25 May 2010 BP had warning signs before Gulf blast: panel 12:26am EDT Microsoft Xbox, phone chief out as unit struggles 25 May 2010 Dell's Streak readies for battle with iPad 25 May 2010 Scherzinger wins "Dancing With the Stars" 1:34am EDT BP-owned Alaska oil pipeline shut after spill 25 May 2010 U.S. claims on copyright piracy "groundless": China 25 May 2010 Mexico City cyclists ride nude in anti-car protest 07 Jun 2008 Is aging a disease? 20 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Geithner in Europe to press for action on crisis Sumeet Desai LONDON Wed May 26, 2010 3:15am EDT Related News Italy joins Europe's austerity club with deep cuts 3:15am EDT EU urges Greece to stick to austerity, pension plan 1:21am EDT Euro dip "welcome": OECD 3:15am EDT Related Video European crisis moves up a gear Tue, May 25 2010 Business Update: Fear digs deep U.S. Treasury Secretary Timothy Geithner answers a question at a news conference after the U.S.-China Strategic Economic Dialogue in Beijing May 25, 2010. Credit: Reuters/Jason Lee LONDON (Reuters) - U.S. Treasury Secretary Timothy Geithner flew to Europe on Wednesday to press for united action to tackle a deepening debt crisis that has rekindled fears of a return to recession and sent global stocks tumbling. World | Italy | Greece Asian equity markets rallied from nine-month lows but the euro remained under pressure with sentiment downbeat as costs for banks to borrow dollars from each other reached the highest levels in 10 months. Investors are not confident that measures so far, including Germany's unilateral ban on some financial trades, austerity plans by indebted euro zone members or even a 750 billion euro ($926 billion) rescue fund will be enough to prevent Europe's woes from derailing the global recovery. "I think we all have to understand that the world economy is very lame and it is getting everybody nervous that the problems we are seeing in Greece (and) Europe will not be isolated in Europe," Microsoft Chief Executive Steve Ballmer said at a company event in Singapore. Geithner, in London after a trip to China, will "discuss the economic situation in the region and the measures being taken to restore global confidence and financial stability and to promote continued recovery," the U.S. Treasury said in a statement. He will also urge European officials to conduct bank stress tests, CNBC reported. The Treasury declined to comment. Any stress tests, however, would have to differ from those conducted by U.S. regulators in the spring of 2009, because Europe lacks a huge bailout fund like the $700 billion Troubled Asset Relief Program to plug any capital deficiencies found, CNBC said. Geithner and other Treasury officials routinely cite the U.S. stress tests, which helped open the door for private capital to return to the banking sector, as calming intense market turmoil caused by the financial crisis. GERMAN BANS "COUNTER-PRODUCTIVE" Geithner will meet with Britain's new finance minister, George Osborne and Bank of England Governor Mervyn King before heading to Germany for meetings with European Central Bank President Jean-Claude Trichet and German Finance Minister Wolfgang Schaeuble. One senior U.S. Treasury official said Washington was unhappy with Germany's decision to go it alone in banning some types of speculative trading as it considers the measures counter-productive. In fact, Germany on Tuesday proposed extending restrictions on speculative short-selling trades to include all shares, a government source said. Last week, the euro area's biggest country imposed a ban on naked short-selling of shares in top financial firms and euro government bonds and using credit default swaps for speculation. Also on Tuesday, Italy's cabinet approved a multibillion-euro package of budget cuts designed to slash the government's deficit to beneath the EU ceiling of 3.0 percent of GDP by 2012, a government source said. A draft of the package obtained by Reuters included a four-year freeze on public sector salaries, and a reduction in state personnel by replacing only one in five of those who leave. Italy reluctantly joined Greece, Spain and Portugal in trying to slash budget deficits but the downside could be slower economic growth. "There is indeed a risk that, under market pressure, some countries overdo austerity," Olivier Blanchard, chief economist of the International Monetary Fund, said in a newspaper interview. "That would be a mistake." CAUTION PERVASIVE Reflecting the challenges facing the euro zone, the region's common currency languished near multi-year lows against the dollar and yen. Stocks however saw some reprieve from weeks of selling as investors looked for bargains. The MSCI index of Asia Pacific stocks outside Japan rose 1.6 percent, helped by a late rally on Wall Street overnight. But since peaking in April at a 22-month high, Asian stocks have fallen 18 percent, just short of a 20-percent fall that usually defines a bear market. Tighter funding in money markets was a key concern, reminding investors of the freezing in the interbank loan market that followed the collapse of Lehman Bros in 2008 and played a significant role in the financial crisis that followed. "Doubts and caution pervade the market. There are doubts whether southern European countries are the only ones with debt problems," said Suh Dong-pil, a market analyst at Hana Daetoo Securities in Seoul. Worries that the European debt crisis could engulf banks, fueled last weekend by a Spanish takeover of a small savings bank, have pushed the global benchmark borrowing rate of three-month LIBOR to a 10-month high. Money markets are "pricing in for a credit crunch," said Michael Pond, Treasury strategist at Barclays Capital in New York. "A crisis of confidence is developing once again." The U.S. Federal Reserve could cut the rate it charges the European Central Bank for dollar supplies via swaps if the debt crisis worsens, the Wall Street Journal said. Few markets have escaped the turmoil. The Reuters-Jefferies Commodities index has tumbled more than 10 percent so far in May due to concerns that Europe's debt woes will hurt global demand for raw materials such as industrial metals, oil and agricultural goods. Global miner Rio Tinto, however, gave an upbeat outlook on Wednesday, particularly on iron ore and aluminum, cheering investors in the stock and the beaten down Australian market. "The outlook for global iron ore remains very positive and growth fundamentals remain the same as before the financial crisis, dominated by the rise of China," Chief Executive Tom Albanese told the miner's annual meeting in Australia. ($1=.8096 Euro) (Writing by Lincoln Feast; Editing by Neil Fullick) World Italy Greece Comments See All Comments (1) | Post Comment May 26, 2010 2:23am EDT Instead of injecting a trillion dollars buying up toxic assets from banks and wealthy investors, the Fed should have given the trillion dollars to the American population at large, in the form of a $10,000 check to every family. That money would have been deposited in some banks, some put under mattresses and most of it spent, thus boosting the economy strongly. Then, by now, the weakest, dumbest banks would have gone broke and been scavanged by the smarter banks, and our economy would be humming along. But instead, the Fed gave the trillion dollars to America’s wealthiest families and bankers, so well connected, and so corrupt, in broad daylight. And now the economy is getting ready to tank again. Such Republican/Aristocratic corruption is as old as mankind. Or am I missing something? AdamSmith Report As Abusive See All Comments (1) 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 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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