India may consider euro zone financing: Pranab

Nov 02, 2011 |

Reuters

New Delhi

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India could consider supporting extra financing for the euro zone if European policymakers make a credible assessment of its solvency problems, Finance Minister Pranab Mukherjee told reporters on Wednesday.

"Our assessment of the situation is 'let them make a credible assessment of the solvency issue, try to sort out those problems, and thereafter supplementary financing could be considered," Mukherjee said.

Mukherjee did not reply when asked if India would consider buying European Financial Stability Facility bonds for the first time.

The host of this week's summit of G20 leaders in Cannes, French President Nicolas Sarkozy has been trying to coax big emerging nations such as China into throwing the euro zone a financial lifeline by investing in an expanding bailout fund.

Before travelling for France for summit, Indian Prime Minister Manmohan Singh said much more needed to be done to restore confidence in the markets over Europe's debt crisis.

"It is imperative that the difficult decisions needed to address the economic challenges in Europe and elsewhere are taken swiftly," Singh said in a statement.

Greek Prime Minister George Papandreou fought off a barrage of criticism to win the backing of his cabinet on Wednesday to push ahead with a referendum the government said would take place as soon as possible on a European Union debt bailout deal.

Greece's shock decision to hold a popular vote has pummelled euro and global stocks.

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