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Journalism of Courage
The US and China piled pressure on Europe on Saturday to get to grips with its debt crisis before it risks causing bank runs and pushing the global economy into ruinous recession.
The US Treasury chief,in his most explicit warning to date about the crisis,said it was time for the European Central Bank to step up and take a central role to get it under control.
World financial markets have been wracked by fears the Greek debt crisis could overwhelm other EU countries and their banks,but took some comfort on Friday from signs of new resolve by European officials to bolster defences after nearly two years of what many see as half-hearted action that has policy-makers talking openly of possible Greek default.
