US’ Geithner to meet South Korean finmin at G20

BUSAN, South Korea, June 4 (BestGrowthStock) – U.S. Treasury
Secretary Timothy Geithner will meet with his South Korean
counterpart, Yoon Jeung-hyun, on Friday on the sidelines of the
Group of 20 finance ministers and central bank governors meetings
here, the U.S. and South Korean ministries said.

Details of the private meeting, scheduled for 5:15 p.m. local
time (0815 GMT) were not available. A South Korean finance
ministry spokesman said no statements were planned afterwards. A
U.S. Treasury spokesman, still en route to Busan, could not be
reached for comment.

Geithner has typically met bilaterally with finance ministers
of countries hosting G20, G7 and G8 gatherings.

Ahead of his trip to South Korea, Geithner emphasized the
need for countries to continue to support economic recovery and
to design policies that will ensure fiscal sustainablity without
choking off global growth.

He said finance ministers and central bankers heading for the
G20 session also shared a commitment to set common standards
across global financial markets to constrain excessive risk.

Yoon said earlier this week that among top agenda items at
the G20 meetings would be differing views on bank levies in the
wake of the financial crisis and ways to control cross-border
capital flows.

On Wednesday, the South Korean finance ministry denied a
report that the government would soon unveil a package of
measures to curb rapid capital flows into and out of the country,
despite growing speculation that it would take actions to curb
capital flight.

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(Reporting by David Lawder and Yoo Choonsik, editing by Tomasz

US’ Geithner to meet South Korean finmin at G20