Geithner: Europe has 'will' to manage challenges

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Geithner: Europe has 'will' to manage challenges
WASHINGTON (MarketWatch) - European leaders have the "political will" and the firepower to deal with their economic challenges and are likely to continue to demonstrate this to markets, Treasury Secretary Timothy Geithner said Monday. "I think you will see the leaders of Europe do what they have been doing of the last several months and weeks and just try to reassure the world that they have the political will, not just the economic capacity, to manage these challenges," Geithner said at a White House briefing. Geithner flew to Poland late last week to meet with euro-zone officials and urge them to take steps to head off market turbulence. Afterwards, there were mixed reactions from European officials. But Geithner said the U.S. was going to remain supportive for the "great continent." "It is not in the interest of the United States for Europe to be weakened by a protracted crisis," Geithner said. Global stocks were lower Monday on concerns that Greece could default on its debt.