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US Treasury Secretary Timothy Geithner says European efforts to overcome the credit crisis have significantly reduced the downside risks to the global economy.

Speaking in New York on Thursday, Geithner praised efforts by the European Central Bank and eurozone governments to overcome the crisis. He said their actions had substantially calmed the acute financial tensions of the past 18 months.

But he stressed the need for Europe to continue to work to sustain its progress.

He also said close attention should be paid to rising crude oil prices as a result of escalating tensions in the Middle East.Media agencies

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