Geithner: EU Can Avoid Debt Crisis

Reuters reports:

Treasury Secretary Timothy Geithner on Tuesday said the European Union has the ability to avoid a worsening crisis and urged EU members to speak with one voice about plans to solve their debt problems.

"The simple rule in crisis management is, you want to have a simple, clear, unified declarative strategy," Geithner said at an event sponsored by the Wall Street Journal.

EU leaders are racing to resolve the Greek sovereign debt crisis and have been pressuring Athens to press ahead with more austerity measures.

European finance ministers have given the country two weeks to approve further spending cuts and tax hikes in exchange for another 12 billion euros in emergency loans to help Greece avoid defaulting on its debt.