Geithner sees action soon on eurozone

On Sunday, Greece will hold pivotal elections, which could bring to power politicians opposed to austerity measures other European Union countries say are necessary for Greece to stay in the eurozone. If Greece exits the Euro, it could bring on a massive financial crisis in Europe that slows the U.S. economy and hurts President Obama’s reelection effort. 

“We have an interest in [the eurozone] working and making it work,” Geithner said.

{mosads}Geithner said he expects European leaders to “state their intentions” on three elements of reform: a banking union, a financial firewall and growth measures for lagging economies at the G-20.

“What they way to us privately is they will do whatever is necessary to hold it together,” Geithner said.

The secretary said that the United States does not need to speak more “loudly” to encourage the EU to repair the euro.

“We can’t want this more than them,” he said. “We are doing the maximum we can do.”

He also said any U.S. bailout is not defensible since Europe is so wealthy.