April 24th, 2009
05:02 PM ET
6 years ago

Geithner: Economic decay easing

Tim Geithner met with finance chiefs from the G-7 countries who have convened in Washington to talk about their continued efforts to stimulate economies.
Tim Geithner met with finance chiefs from the G-7 countries who have convened in Washington to talk about their continued efforts to stimulate economies.

WASHINGTON (CNNMoney.com) – The severe decay in the global economy is easing but serious problems still loom, Treasury Secretary Tim Geithner said Friday.

"We are right to be somewhat encouraged, but we would be wrong to conclude that we are close to emerging from the darkness that descended on the globaleconomy early last fall," Geithner said in written comments.

Geithner met with finance chiefs from the G-7 countries who have convened in Washington to talk about their continued efforts to stimulate economies.

Since a high-profile G-20 meeting in London earlier this month, several countries - particularly Japan - have boosted their economic recovery programs, Geithner said.

In addition, Poland and Colombia have said they will join Mexico to apply for backstop financing from the International Monetary Fund, a global agency charged with helping countries facing economic distress.

Geithner hammered home the need for nations to provide stimulus globally and for IMF to support banks that lend to developing countries.

In a Thursday briefing preceding the G-7 meeting, a top Treasury official acknowledged that banks' troubled assets pose the biggest challenge to getting the markets moving again in the United States and globally.

The G-7 is made up of United States, United Kingdom, Japan, Germany, France, Canada and Italy.


Filed under: Tim Geithner
soundoff (7 Responses)
  1. Fred the Moderate

    It took us 8 years to erase a surplus and build up this recession. It will take more than 100 days to get us out. Stop acting like a bunch of babies and face reality.

    April 24, 2009 05:28 pm at 5:28 pm |
  2. Jimmy the Greek

    In essence Gaithner is saying he really doesn't KNOW if the trillions of $$ budgeted for the economic crisis is going to work.

    April 24, 2009 05:29 pm at 5:29 pm |
  3. Enlightened Voter

    Why do republicans hate that President Obama is trying to rebuild this country AMERICA yet had no problem with bush rebuilding Iraq.

    April 24, 2009 05:31 pm at 5:31 pm |
  4. Melissa

    Seriously people, the economy is recovering. Stop making stuff up. Geithner is right.

    April 24, 2009 05:34 pm at 5:34 pm |
  5. Karen - Missouri

    for God's sake...it's only been 100 days. The Obama administration has been doing a great job and the rest of us should quit whining like the Republicans and have some patience. This country allowed Bush to nearly destroy our economy over 8 years, so it's time to stop constantly criticizing any Obama administration until they've had time to do the work. At least they ARE working which is more than I can say for the obstructionist whining Republicans.

    April 24, 2009 05:36 pm at 5:36 pm |
  6. Tulsa

    To Jimmy the Greek,
    No, that is not what he said at all. That's what Faux news and Rush TOLD you to believe...... and YOU, being a moron, believe it.

    April 24, 2009 05:38 pm at 5:38 pm |
  7. Slider

    "It took us 8 years to erase a surplus and build up this recession. It will take more than 100 days to get us out. Stop acting like a bunch of babies and face reality."

    How do you erase a deficit with "deficit spending"?

    All the wealthy in this country cannot be taxed enough to pay for what has already been spent by this Congress in its first 100 days.

    WHERE IS THE MONEY GOING TO COME FROM?????

    April 24, 2009 05:45 pm at 5:45 pm |