Cascading default, catastrophic risks & bank runs, US lays it out for the EU!

The following quote from Timothy Geithner comes from a reuters report, linked here:

"The threat of cascading default, bank runs, and catastrophic risk must be taken off the table, as otherwise it will undermine all other efforts, both within Europe and globally. Decisions as to how to conclusively address the region's problems cannot wait until the crisis gets more severe," Geithner said.