{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='US Treasury Secretary Geithner on European financial crisis' data-url='/boclips/videos/5c54bef5d8eafeecae13f8e6' data-video-url='/boclips/videos/5c54bef5d8eafeecae13f8e6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUS Treasury Secretary Geithner on European financial crisis\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Director of Mexico's stock market, Luis Tellez (left) talking to official outside meeting room 2. Mid of officials talking outside meeting room during coffee break 3. Head of Bank of Canada Mark Carney (in red tie) greeting people as...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Director of Mexico's stock market, Luis Tellez (left) talking to official outside meeting room \u003cbr/\u003e2. Mid of officials talking outside meeting room during coffee break \u003cbr/\u003e3. Head of Bank of Canada Mark Carney (in red tie) greeting people as he walks past \u003cbr/\u003e4. Various of finance ministers and officials during lunch \u003cbr/\u003e5. Pan left of US Treasury Secretary Timothy Geithner walking to stage \u003cbr/\u003e6. Cutaway of photographer \u003cbr/\u003e7. Wide of Geithner and former governor of Bank of Mexico Guillermo Ortiz seated on stage\u003cbr/\u003e8. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"I would say Europe is making quite a bit of progress in convincing the world that they are not going to allow a catastrophic financial failure in the continent. Now, they are not done in that effort.\"\u003cbr/\u003e9. Cutaway of cameraman\u003cbr/\u003e10. Wide of Geithner and Ortiz \u003cbr/\u003e11. SOUNDBITE (English) Timothy Geithner, US Treasury Secretary: \u003cbr/\u003e\"The hope, that we are going to see, and I expect we will see, continued efforts by the Europeans to not just deliver on the reform commitments they've made to economic policy, but to the institutions of Europe, and to put in place, to use the European phrase, to put in place a stronger, more credible firewall.\"\u003cbr/\u003e12. Cutaway of cameraman\u003cbr/\u003e13.  SOUNDBITE (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"We are trying to make sure that we work very hard at repairing the damage caused by the crisis, but also set in motion reforms that are really important for the long term health of the American economy.\" \u003cbr/\u003e14. Mid of Ortiz asking Geithner question\u003cbr/\u003e15. Various of meeting of bankers and banking sector officials \u003cbr/\u003eConcerns about Europe's sovereign debt crisis topped the agenda on Saturday at the meeting in Mexico City of G-20 finance ministers, with the US Treasury Secretary saying Europe has more to do.\u003cbr/\u003eFinancial sector leaders praised Greece's offer to repay bondholders at a steep discount, while others cautioned Greece will get no more money if it doesn't make structural reforms.\u003cbr/\u003eBut the debate over whether the countries of the European Union has contributed enough to emergency financial stabilisation funds to calm the sovereign debt fears continued. \u003cbr/\u003eUS Treasury Secretary Timothy Geithner acknowledged the work of European leaders, saying they have made \"quite a bit of progress in convincing the world that they are not going to allow a catastrophic financial failure\" in their countries.\u003cbr/\u003eGeithner also noted that leaders should not rest because there is still much work to be done.\u003cbr/\u003e\"I hope that we'll see, I expect that we'll see continued efforts by the Europeans ... to put in place a stronger, more credible firewall,\" Geithner said, though he didn't mention any amount.\u003cbr/\u003eOfficials said that the question of a further boost to the effort from the International Monetary Fund is likely to be discussed, but not solved, at the weekend's Mexico City meeting.\u003cbr/\u003eOn Friday night, German central bank president Jens Weidmann noted that Euro-area political leaders will meet in March to decide whether to further increase the current 500-billion-euro financial stabilisation effort, and while he didn't rule out increased funding, he said money alone won't do it.    \u003cbr/\u003eGeithner like most of the top-financial leaders at the meeting agreed that focusing on short-term solutions won't tackle the main problem.\u003cbr/\u003e\" We are trying to make sure we work very hard at repairing the damage caused by the crisis but also set in motion reform that are really important for the long term health of the American economy ,\" he said. \u003cbr/\u003eCentral bankers and politicians have warned that austerity and structure reform would continue, amid the economic downturn.\u003cbr/\u003ePrivate bankers complained that an increased wave of regulations and capitalisation requirements following the 2008 financial crisis would make it hard for them to supply the credit needed for economic recovery.\u003cbr/\u003eThere was one sort of bright spot, however; emerging economies, which were forced to take often tough advice from the developed nations during the crises of the 1980s and 1990s, have weathered the current sovereign shock fairly well.\u003cbr/\u003eWith lower levels of debt, and often more responsible fiscal policies, they are now in a position to turn the tables and offer advice to Europe.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex 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