European officials understand they have to ensure further actions: Geithner

Timothy F. Geithner, the U.S. Treasury Secretary, said that the European officials understand that they have to invest more effort in order to control the debt crisis in Europe.  Geithner said that the Spanish bailout is a solid indication that Europe is engaged in developing a larger banking union. The Treasury Secretary also added that such a system is vital due to the growing tension, which is evident from Greece as well as other countries.