Economy

Geithner urges action on European debt plan

by Vicki Needham - 05/26/10 6:31 PM ET

Geithner applauded the U.K.’s plan to address its budget deficit by cutting spending — the proposal includes $8.9 billion in cuts — saying the new coalition government has laid out a “compelling fiscal plan.” The plan strikes a balance “between tackling the deficit and encouraging growth,” he said.

Geithner also met with European Central Bank and supervisory officials this morning and is headed to Frankfurt for a working dinner with Jean-Claude Trichet, head of the European Central Bank. He completes his trip with a Thursday meeting with German Finance Minister Wolfgang Schaeuble in Berlin.

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