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U.S. Calls For 'Strong Plan' By Europe, More From Asia To Rescue Economy


U.S. Treasury Secretary Tim Geithner

U.S. Treasury Secretary Tim Geithner

The United States is calling on European and Asian leaders to do more to restore global economic growth and prevent Europe's debt crisis from spiraling out of control.

U.S. Treasury Secretary Tim Geithner says Europe must come up with a "strong plan," but Asian-Pacific countries are "in a better position than most" to take steps to strengthen growth.

U.S. President Barack Obama has spoken to Italy's President Giorgio Napolitano by telephone, expressing confidence in Napolitano's leadership to put an interim government in place that will implement aggressive reforms and restore market confidence after Prime Minister Silvio Berlusconi's imminent resignation.

The European Commission said on November 10 that Italy's economic forecasts were wrong and warned that the country's high borrowing costs would hit the economy within months -- threatening to push the 17-country eurozone back into recession next year.

Prime Minister David Cameron of Britain said Italy's debt problems represent "a clear and present danger" to the euro.

International Monetary Fund chief Christine Lagarde has called for more "political clarity" in Italy, as well as in Greece.

compiled from agency reports
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