G7 finance ministers, c.bankers in Marseille

Reuters

MARSEILLE, France (Reuters) - Following are highlight quotes from Group of Seven finance ministers and central bankers meeting in Marseille.

U.S. TREASURY SECRETARY TIMOTHY GEITHNER

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"It is completely within the capacity of the stronger members of the euro area to absorb those costs. Those costs would be much, much greater for them and their economies if they sit here and do nothing and they recognize that."

CANADIAN FINANCE MINISTER JIM FLAHERTY

"I hope we would all agree we have to stay the course, that we have to go through the pain of fiscal consolidation. It's not easy, it creates stresses in some countries, but it's necessary, we have to get through this rough patch.

"There's no point kicking the can down the road. If we don't deal with it now we'll have to deal with it later and we know that these problems do not get better with the passage of time."

UK FINANCE MINISTER GEORGE OSBORNE

"What's important now is a concerted international agenda to deal with the global debt crisis and support growth along the lines I set out this morning in London with Christine Lagarde, the Managing Director of the IMF. I think we are making good progress toward that goal," Osborne said.

EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER OLLI REHN

"It is essential that the G7 meeting will discuss how to take coordinated action in order to rebalance global growth."

"We support the United States in its work so that the U.S. recovery can continue, while in Europe we have our own challenges related to fiscal consolidation and restoring confidence in the European economy."

On bank funding:

"Solutions should be found from private markets, from private investors and if that is not is possible there should be national backstops in place to ensure recapitalizations or restructuring for these banks."

EUROGROUP CHAIRMAN JEAN-CLAUDE JUNCKER

"The Italian government, parliament has taken the right action."

UK TREASURY SPOKESMAN

"If the euro area would like to have a banks levy, that's a matter for them. The UK will not be part of any euro area tax."

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