Geithner tells Europe: You must do more to avert bank crisis

US treasury secretary Tim Geithner has warned the European debt crisis is bigger than just recapitalising the continent's banking systems.

He said policymakers have some way to go before a recapitalisation, despite German chancellor Angela Merkel and French president Nicolas Sarkozy promising to draft a blueprint this month. Geithner urged European leaders to go beyond the planned recapitalisation and ensure the continent's major economies can borrow at affordable rates. He told Bloomberg a much more powerful response is needed to quell the threat of a banking crisis. "The most important problem is they have to make sure that the major economies of Europe under pressure now are able to borrow at affordable rates," sai...