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U.S. Treasury Secretary, Tim Geithner, has lauded European leaders for working towards resolving the debt crisis. However, he’s warned that much work still needs to be done, and institutional leaders need to implement a “stronger and more credible firewall.”
Behind these concerns are the finite resources of the International Monetary Fund (IMF). A group of finance leaders met in Mexico City over the weekend, demanding that Europe strengthen its firewall as a prerequisite to adding to the IMF’s resources.
Geithner remains unconcerned, though. He says that the world will step up if necessary “to make sure that the IMF has enough resources to deal with the challenges facing its members.”