Geithner Meeting German Finance Minister, Draghi

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July 30, 2012 12:40 AM

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Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, July 26, 2012, before the Senate Banking Committee hearing: "The Financial Stability Oversight Council Annual Report to Congress."

U.S. Treasury Secretary Timothy Geithner is to meet his German counterpart and the head of the European Central Bank following a flurry of pledges to save the euro that have raised expectations of action by European policymakers.

U.S. and German officials say Geithner will meet German Finance Minister Wolfgang Schaeuble Monday on the North Sea island of Sylt, where Schaeuble is vacationing. Geithner will then travel to Frankfurt to meet ECB President Mario Draghi.

Markets surged after Draghi said last Thursday that the ECB would do "whatever it takes" to preserve the euro. Over the following days, the leaders of Germany, France and Italy also pledged to do all they can to protect the eurozone.

That raised expectations that the bank might buy Spanish and perhaps Italian government bonds.