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Geithner: Mideast's U.S. holdings safe

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The Associated Press

Published: July 13, 2009

WASHINGTON - On his first trip to the Middle East, Treasury Secretary Timothy Geithner's message this week will be similar to the one he delivered to Chinese officials a month ago: your investments in the United States are safe.

Geithner is expected to repeat assurances that the government's soaring budget deficits will not trigger a devastating bout of inflation that sinks the value of the dollar and foreigners' holdings.

Geithner is scheduled to hold high-level meetings on Tuesday and Wednesday with top government officials and leading business executives in Saudi Arabia and the United Arab Emirates.

In the United Arab Emirates, Geithner will meet with officials of government-run investment funds, known as sovereign wealth funds, which have poured billions of dollars into U.S. banks and other companies. The Saudis also recycle significant petro-dollars into U.S. investments.

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