July 27, 2012, 4:45 p.m. EDT

Geithner to meet with top European leaders

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By Greg Robb, MarketWatch

WASHINGTON (MarketWatch) — Treasury Secretary Timothy Geithner will meet with top European leaders Monday in a whirlwind visit to the troubled region.

Geithner will travel to Germany to meet with German Finance Minister Wolfgang Schaeuble in the resort island of Sylt on Monday afternoon.

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Afterwards, he will fly to Frankfurt for a meeting with European Central Bank President Mario Draghi.

There will not be any press conference after either meeting, a Treasury official said.

Geithner has been looking for a chance to meet European leaders before the summer holidays, the official said. No major announcement is expected.

Financial markets have rallied this week after Draghi indicated that the central bank is ready to resume purchases of Spanish and Italian bonds in a bid to bring down borrowing costs and ensure the survival of the euro.

“Within our mandate, the ECB is ready to do whatever it takes to preserve the euro,” Draghi said. Read ‘Draghi pledge puts ECB bond buys back on table’

Earlier Friday, German Chancellor Angela Merkel and French President Francois Hollande vowed to protect the euro zone.

Germany and France “are deeply committed to the integrity of the euro zone,” the statement said.

Greg Robb is a senior reporter for MarketWatch in Washington.

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