by Calculated Risk on 9/24/2011 10:45:00 PM

From the NY Times: Europe Seeks to Ratchet Up Effort on Debt

Under increasing pressure from global investors and world leaders, European government officials indicated Saturday that they were working to intensify their response to the continent’s growing debt problems.
...
French and German officials here continued to insist publicly that they were focused on the July plan, but in private meetings this weekend they made clear that they now understand the need for a new proposal ...

“The threat of cascading default, bank runs and catastrophic risk must be taken off the table, as otherwise it will undermine all other efforts, both within Europe and globally,” Treasury Secretary Timothy F. Geithner said in a statement on Saturday. “Decisions as to how to conclusively address the region’s problems cannot wait until the crisis gets more severe.

If this follows previous leaks, German Finance Minister Wolfgang Schaeuble will probably deny this tomorrow.