Charles Collyns News
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A U.S. Treasury Department specialist in international finance will visit Athens and Rome this week as Europe plunges into fresh market turmoil.
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Failure to resolve the euro-area crisis could result in a renewed global economic weakening and weigh on U.S. trade, said Charles Collyns, the Treasury Department’s assistant secretary for international finance.
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Europe’s economic recovery is threatened by “sluggish” demand as well as ongoing weakness in countries like Greece, Ireland and Portugal, a U.S. Treasury aide said.
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Charles Collyns , assistant U.S. Treasury secretary for international finance, said parts of the euro area are economically fragile and could cause problems for other countries.
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U.S. and Asia-Pacific leaders meeting this week in Hawaii will try to turn away from the European debt crisis to discuss how to boost trade and global economic growth, a U.S. Treasury official said.
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Treasury Secretary Timothy Geithner says the U.S. economy is in a “much stronger position” than it was two years ago.
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South Korea’s won advanced to its strongest level in three weeks on speculation exporters are converting earnings. Government bonds rose.
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French President Nicolas Sarkozy wants to persuade the Group of 20 nations to establish a smaller forum to address global currency issues because the larger body is too unwieldy, three French government officials said.
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Asian currencies strengthened, led by the Malaysian ringgit, on speculation the region’s pace of economic growth will attract funds and policy makers will raise interest rates further to cool inflation.
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The U.S. financial system is in better shape than it was before the recession and is well placed to provide the funding needed for the economic expansion, Treasury Secretary Timothy F. Geithner said.
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