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TIM GEITHNER, the US treasury secretary, sounded an optimistic note on the US and global economy yesterday, suggesting a recovery was at hand and saying there was no need at the moment for another fiscal stimulus.

Speaking in London at the start of a tour of European and Gulf capitals, Mr Geithner said: “There is a very good chance for seeing the US economy and the world economy get back to the point when it is growing again over the next few quarters.”