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Friday, November 4, 2011 - 10:02

US Admin Offl: EU Must 'Move Quickly' With More Force,Detail

CANNES, France (MNI) - A senior Obama administration official Friday said the United States wants to see European governments "move quickly" to effectuate the deal announced last week to resolve the Greek debt crisis.

The official said the U.S. wants to see more "force and detail" on the plan to slash Greece's debts, recapitalize banks and leverage the euro bail-out fund up to 1 trillion euros.

The senior administration official hailed Italy's invitation to the International Monetary Fund to puts its fiscal and other policies under closer surveillance.

Without further increasing IMF resources, he said the Fund has plenty of tools to help Europe.

The official also expresses great approbation for what he took to be China's stronger commitment to exchange rate flexibility, which he said is to be included in the G20 communique.

Without calling it a "transaction fee," the official said the U.S. broadly agrees that some sort of financial fee, charged to the largest financial institutions, is needed "to protect taxpayers."


** Market News International **

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