Widening European debt crisis raises global recession risk

[nadinbrzezinski]

As the European financial crisis threatens to drag the global economy back into recession, leaders from Washington to Beijing are calling for Eurozone leaders to intensify their efforts to contain the spreading contagion.

Treasury Secretary Timothy Geithner on Wednesday sought to calm growing fears that European debt defaults could spark a repeat of the Panic of 2008. But he called on Europe's leaders to move more quickly to resolve Europe's escalating debt crisis.

"They recognize that they have been behind the curve. They recognize that it will take more force behind their commitments," Geithner told CNBC television.

Those remarks were echoed by leaders of the developing world, who fear that the deepening crisis threatens to stifle one of the world's largest markets for imported goods.

http://bottomline.msnbc.msn.com/_news/2011/09/14/7760785-widening-european-debt-crisis-raises-global-recession-risk

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