US Worries Over Europe's Ability to Handle Crisis

Friday, November 11, 2011

German Chancellor Angela Merkel, European Comission President Jose Manuel Barroso, and IWF Chief Christine Lagarde after a meeting with Greek Prime Minister George Papandreou over a euro zone bailout. German Chancellor Angela Merkel, European Comission President Jose Manuel Barroso, and IWF Chief Christine Lagarde after a meeting with Greek Prime Minister George Papandreou over a euro zone bailout. (Guido Bergmann/Bundesregierung-Pool via Getty Images/Getty)

Europe's deepening financial crisis has the White House apprehensive over the potential economic and political ramifications in the United States. "The crisis in Europe remains the central challenge to global growth," Treasury Secretary Timothy Geithner said Thursday. Under pressure from the Frankfurt Group — eight European leaders including German Chancellor Angela Merkel, French President Nicholas Sarkozy, and IMF head Christine Legarde — Greece and Italy are looking to unelected technocrats to guide their nations away from fiscal catastrophe.

Chris Morris, Europe correspondent for the BBC, reports on the latest from Brussels.

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