Geithner: Eurozone crisis threatens to engulf globe

The eurozone debt crisis is the single biggest obstacle to global economic growth, US treasury secretary Timothy Geithner has claimed.

Mr Geithner said concerns over Europe were dominating the Asia-Pacific Economic Cooperation (APEC) conference which he is currently attending.

"As the United States continues to work through the problems that caused our crisis and Europe confronts a period of slower growth, Asian economies will need to do more to stimulate domestic demand growth – both so they are less vulnerable to slowdowns, such as the situation in Europe, and so they can continue to contribute to global growth," Mr Geithner said.

"These economies, including the United States, have the capacity to do things now to make growth stronger both to offset some of the pressures they're facing in Europe but also because the world as a whole – even when Europe stabilises you are going to see growth damaged by the magnitude of the crisis so far."