Geithner says he sees no new banking crisis - Mercedes-Benz Forum

LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 04-19-2009, 01:05 PM Thread Starter
BenzWorld Elite
Date registered: Feb 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
(Thread Starter)
Geithner says he sees no new banking crisis

to Japanese press.

U.S. Treasury Secretary Timothy Geithner does not see a second wave of banking collapses and the government is ready to support capital-raising when needed, a Japanese newspaper said on Sunday.

In an interview with the Asahi Shimbun newspaper, Geithner was quoted as saying U.S. authorities were making sure there was steady funding and that banks were able to meet commitments.

"So in some ways what we're saying is we're going to backstop the amount of capital-raising that's necessary," he was quoted as saying in an English text of the interview.

"And again, a lot of that will come from the market, ultimately. But where it doesn't we'll make sure we provide it."

In an attempt to assess banks' capital needs, the U.S. government is testing how they would fare under more adverse economic conditions than are expected. The results are due at the end of April.

Once the "stress tests" are finalized and the capital needs are determined, banks will have six months to raise capital in the private market or could take an infusion of government funds.

Geithner was also quoted as saying the Group of Seven of rich nations and the Group of 20, which also includes emerging economies such as China and India, were "very complementary forums."

Geithner will host both a G7 finance ministers meeting and a G20 ministerial session on April 24 in Washington.

He told the Asahi that China had played a role in stabilizing the global financial crisis, and added that Beijing was committed to a more flexible currency regime over time.

"China's exchange rate appreciated quite substantially in real terms," he was quoted as saying.

"China's accumulation of foreign reserves has slowed and they are putting in place economic policies that will encourage domestic demand and growth."
Geithner sees no new banking crisis: report | U.S. | Reuters
mlfun is offline  
Sponsored Links

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply

Register Now

In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode

    Similar Threads
    Topic Author Forum Replies Last Post
    Author who predicted crisis sees inflation ahead Jakarta Expat Off-Topic 3 04-09-2009 02:56 PM
    Thank you Mr. Geithner... Jayhawk Off-Topic 14 02-10-2009 09:09 PM
    Timothy F. Geithner Multipurpose Off-Topic 12 02-10-2009 05:09 PM
    How to Combat a Banking Crisis: First, Round Up the Pessimists Jayhawk Off-Topic 10 12-02-2008 11:59 AM
    What is there left to be destroyed after the banking crisis? maine_coon Off-Topic 18 09-25-2008 12:23 AM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On


    Title goes here

    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome