Posted: Jun 2, 2010 7:17 PM by Chris Welty
Updated: Jun 2, 2010 7:17 PM
WASHINGTON (AP) - Treasury Secretary Timothy Geithner says the
world's major economies disagree over taxing banks to pay for
future bailouts. But he said the differences are narrowing in other
areas of financial reform.
Geithner said Wednesday he did not think the Group of 20 major
industrial and developing countries would reach agreement at
upcoming meetings in South Korea over the question of imposing a
new tax on banks.
But he says differences were narrowing in other areas, including
how to stiffen standards on how much capital banks need to protect
against a future financial crisis.
"We want to accelerate progress on a global agreement on core
reforms," Geithner told reporters at a briefing before he left for
talks on Friday and Saturday in Busan, South Korea.
The discussion among finance ministers and central bank
governors will be to develop the agenda for President Barack Obama
and other G-20 leaders when they meet on June 26-27 in Toronto.
The G-20, which includes the world's wealthiest industrial
countries plus major developing nations such as China, India and
Brazil was designated last year as the top policy-setting group for
dealing with the global financial issues.
Geithner told reporters that he expected the discussion in South
Korea would focus on a review of efforts to promote a sustained
rebound, a discussion that has taken on a sense of urgency with the