May 26, 2012
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Geithner upbeat while Europe disappoints
15 July 2009 / REUTERS, JEDDAH/MANNHEIM
US Treasury Secretary Timothy Geithner said on Tuesday that a global assault on recession was making headway, although data from Europe gave evidence only of a stuttering recovery at best.
Geithner assured an audience in Saudi Arabia, one of the United States' biggest creditors, that Washington bore a special responsibility to help spur a recovery in the world economy. But data on Tuesday showed that German investors have turned more pessimistic than expected. "The German economy could be among the first to escape the recession," said Carsten Brzeski, an economist at ING Financial Markets. "Cautious optimism, not enthusiasm, is most suitable for the way forward." Euro zone industrial production was also a disappointment, growing only slightly in May after a bad April, and remaining 17 percent lower than it was a year earlier.
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