Obama admin says Europe on way to financial fix

AP News
Posted: Oct 25, 2011 11:59 AM
Obama admin says Europe on way to financial fix

The Obama administration says it believes that European leaders are on their way to creating a credible response to the eurozone's financial crisis.

Assistant Treasury Secretary Charles Collyns told U.S. lawmakers Tuesday that the administration is confident in the commitment of European leaders and sees a "very strong likelihood that Europeans will achieve success."

Collyns said that Europe's financial woes posed a substantial risk for the U.S. economy. But he reassured lawmakers that while the administration was offering frequent advice to European leaders, it was not promising U.S. taxpayer funds to bail out European countries.

The comments come as eurozone governments are struggling to come up with a comprehensive plan to tackle their debt crisis by Wednesday.