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In Poland, Geithner Finds Cool Reception

September 19, 2011 by  

WROCLAW, Poland, Sept. 17 (UPI) — European leaders snubbed U.S. Treasury Secretary Timothy Geithner at a financial summit in Poland that included agreement to postpone a decision on Greece.

Geithner told the gathered financial ministers to increase the size of its $610 billion European Financial Stability Facility, designed to help struggling countries including Greece, which could default on its debt if it does not receive the next tranche on its bailout loan.

Eurogroup chief Jean-Claude Juncker said Greece had made “significant” progress on budget reforms, the British Broadcasting Corp. reported Saturday.

The last audit of Greece’s finances was postponed as auditors feared Greece had not met requirements for the next loan installment.

That decision is now expected in early October.

The New York Times reported that Geithner, soon after Washington became embroiled in a destructive debate over raising its debt ceiling, was not well received as a financial adviser, given his status as an outsider.

“I found it peculiar that, even though the Americans have significantly worse fundamental data than the eurozone, that they tell us what we should do. I had expected that, when he tells us how he sees the world, that he would listen to what we have to say,” Austrian Finance Minister Maria Fekter said.

Juncker, who is also the prime minister of Luxembourg, said, “We are not discussing the expansion or increase of the (financial stability fund) with a non-member of the euro area,” The Washington Post reported.

 

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