U.S. Treasury Secretary Timothy Geithner recently address the debt crisis issue with European Finance Ministers, but the plea to stand as one and make a decisive move seems to have fallen on deaf ears as the ministers failed to reach an agreement on the debt crisis and the delayed bailout to a Euro zone nation – Greece.
Geither urged them to reach an agreement and said that delays in coming to grips with the situation could cause further deterioration. However the finance ministers indicated that Greece would not receive the sorely needed funding before early October; the funds were originally to be disbursed at the end of this month.
The unfruitful meeting on the debt crisis, despite Geithner’s urgent call for action, shows how difficult it is for leading nations of the Euro zone to come to an agreement on a single matter like the Greece bailout. This in turn is frustrating investors, who were hoping for a swift end to the Greek situation so the markets could stabilize once again. Several world leaders have pressed for a quick and bold decision on the debt crisis, European finance ministers are apparently unable to deliver one.
Stocks, however, held steady on Friday, the day of the meeting in Poland where Geithner spoke about the debt crisis. This is likely because of word that central banks from around the world have offered easy-terms loans to struggling European banks.
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