US demands Europe’s strongest nations support the weak

THE United States pressed Europe’s strongest economies yesterday to give “unequivocal” financial support to weaker euro zone states to overcome a debt crisis that threatens the world economy.

“It is completely within thecapacity of the stronger members of the euro area to absorb these costs,” US Treasury Secretary Timothy Geithner said as the Group of Seven (G7) finance chiefs gathered in Marseilles to discuss how to revive a stalling recovery.

“Those costs would be much, much greater for them and their economies if they sit here and do nothing, and they recognise that,” Geithner said in comments that appeared to be aimed primarily at EU economic powerhouse Germany.