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Topic - Wolfgang Schäuble
U.S. Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe and the United States would take to shore up the world economy in the coming months.
Germany defended its pro-austerity stance on Tuesday, with Chancellor Angela Merkel and two ministers pressing for Europe to stick with a policy of fiscal discipline in spite of the latest bout of political uncertainty.
A week ago, markets were soaring on hopes that a fix for Europe's debt crisis was near. On Monday, stocks had their worst drop in two weeks after German leaders cast doubt on how fast that process would be.
German finance chief Wolfgang Schaeuble dampened expectations of an upcoming EU summit, saying Monday that it would not provide a comprehensive solution to the eurozone debt crisis that threatens to cause another global recession.
European leaders and media are challenging President Obama's comment this week that Europe's financial crisis is "scaring the world."
He noted that the Federal Reserve and the Bank England were moving cautiously to reduce stimulus efforts as the U.S. and British economies improve.
Mr. Schaeuble stressed that "Greece must fulfill its obligations" to secure the next $40 billion tranche of its bailout.