US treasury secretary Tim Geithner: 'The threat of cascading default, bank runs and catastrophic risk must be taken off the table.' Photograph: Jason Reed/ReutersGermany Slams 'Stupid' US Plans To Boost EU Rescue Fund -- The Telegraph
Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.
German finance minister Wolfgang Schauble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its €440bn lending limit by deploying leverage to up to €2 trillion, perhaps by raising funds from the European Centra [...]
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