Time for action!!! - Europe's Debt Crisis

Geithner says European leaders must do more to stem the tide of financial distress

http://money.cnn.com/2011/09/24/markets/geithner_debt/index.htm?iid=HP_Highlight

U.S. Treasury Secretary Tim Geithner warned Saturday that the sovereign debt and banking crisis in Europe represents "the most serious risk now confronting the world economy."

In an official statement to the International Monetary Fund, Geithner also discussed the need to both support the U.S. economy in the short term and take steps to lower the nation's long-term deficits.

But his strongest comments were directed at Europe, where the specter of a default by the Greek government has upset financial markets around the world. The nation's long-standing debt problems are threatening to spill over into the European banking system, with possible repercussions for the fragile U.S. economy.