Geithner: Europe is making progress

US Treasury Secretary Timothy Geithner has indicated that Europe is making progress in getting out of the debt crisis.Geithner said in a speech in Washington on Tuesday that Greece has a unique set of challenges, but Europe as a whole is talking about a better balance between growth and austerity.He also said Europe is taking a more gradual path to restoring fiscal sustainability.

He added that discussions have begun to promote long-term infrastructure investments in debt-ridden nations to support their economies. Geithner said Europe has become aware of the need to boost the global competitiveness of such countries. But he also warned against slowing down efforts to overcome the crisis.

 On Greece debt crisis which needs immediate corrective measure or its spill over could spread to Spain and Italy .EU agreed to help on the condition that Greece will take steps to cut its huge budget deficit. EU leaders are saying that countries that cannot follow the rules should leave the eurozone.Ensuing election and  the next government if rejects austerity measures, discussions then thereof  intensify on whether Greece should stay in the single-currency bloc.