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Geithner says Europe knows they need to do more *PIC*

Geithner says Europe knows they need to do more (by Greg Robb)

WASHINGTON (MarketWatch) - Treasury Secretary Timothy Geithner said Wednesday that European economic leaders know they have to do more and act more forcefully to solve its sovereign debt crisis. In an interview on CNBC, Geithner said it was most important that European politicians make it clear that they will stand behind the financial system. He said they also know that they have to put more "force behind their commitments to make sure Italy and Spain can fund at sustainable interest rates." Geithner will travel to Poland to meet with euro-zone finance ministers on Friday. He said that there is "no chance" of a Lehman-style European crisis. "There is no chance that the major countries of Europe will let their institutions be at risk in the eyes of the market," Geithner said. German Chancellor Angela Merkel has pledged to President Obama that she will avoid a Lehman crisis. "Obviously, I think she recognizes that they have got to do some more to make that commitment credible to the world," Geithner said.