US prods Europe on crisis, publicly and privately - by Ben Feller

U.S. Treasury Secretary Timothy Geithner is darting across Europe with a stark message: "The continent's leaders must act quickly and convincingly to defuse a debt crisis that is threatening the global economy". His visit this week comes on the eve of a summit of European leaders Friday that could yield a plan for resolving the crisis. Optimists hope a deal would persuade investors to lend to countries, like Italy and Spain, that are straining under crushing debt burdens.

Geithner's trip to five European cities is the most visible part of a broader drive the United States has been making, publicly and privately, to nudge Europe to resolve its crisis.

The United States has plenty at stake. A still-fragile U.S. economy remains vulnerable to any financial contagion that might erupt in Europe. If banks that are sitting on piles of European government debt cut off lending, the global economy would suffer. The flow of U.S. exports would slow. A panic could send stocks tumbling worldwide.

And with Obama facing re-election in less than a year, the outcome of Europe's crisis carries risks for the president personally.

Note EU-Digest: regardless of the consequences the European economic crises has on the US, Europe must solve this crises based on European criteria not on US or Wall Street imposed directives.

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