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US minister of finance Timothy Geithner defends the country’s sovereign rating, being absolutely sure that it won’t be lowered from its current highest “Aaa” level. To remind you, Moody’s warned of such possibility last week (http://www.gaap-ifrs.com/news/gaap_ifrs/3205).

Despite the expected budget deficit of $1.6 trillion, Geithner is absolutely sure this will never happen, on which he informed in his interview to “ABC News”. The Minister informed that today global investors were still investing in dollar assets while doubting stability of the global economy in general. It is a sign of their trust towards the USA and their ability to recover.

The risk of another wave of crisis has lowered, especially after statistical data showed a 5.7% increase of American GDP (4th quarter of 2009), Geithner added, also saying that the economic recovery had commenced.

Timothy Geithner promised that toughening of financial regulation would have no effect on competitiveness of American banks on international markets. He is more than sure they’ll be able to reach close cooperation on increasing international standards throughout the world to create equally competitive conditions for everyone. 

Source: “Interfax”