MEXICO: Indian Prime Minister Manmohan Singh says the G20 must send a strong message to confront the euro zone debt crisis
Record ID:
1375185
MEXICO: Indian Prime Minister Manmohan Singh says the G20 must send a strong message to confront the euro zone debt crisis
- Title: MEXICO: Indian Prime Minister Manmohan Singh says the G20 must send a strong message to confront the euro zone debt crisis
- Date: 19th June 2012
- Summary: LAS CABOS, BAJA CALIFORNIA SUR, MEXICO (JUNE 18, 2012) (ORIGINALLY 4:3) (ANI - NO ACCESS BBC) INDIAN PRIME MINISTER MANMOHAN SINGH STANDING WITH RUSSIAN PRESIDENT VLADIMIR PUTIN, BRAZILIAN PRESIDENT DILMA ROUSSEFF, SOUTH AFRICAN PRESIDENT JACOB ZUMA AND CHINESE PRESIDENT HU JINTAO SINGH STANDING WITH PUTIN AND HU JINTAO SINGH STANDING WITH HU JINTAO SINGH, PUTIN, ROUSSEFF, ZUMA AND HU JINTAO SHAKING HANDS SINGH, PUTIN, ROUSSEFF, ZUMA AND HU JINTAO WALKING SINGH, PUTIN, ROUSSEFF, ZUMA AND HU JINTAO SITTING AT A MEETING THE MEETING IN PROGRESS (SOUNDBITE) (English) INDIAN PRIME MINISTER, MANMOHAN SINGH, SAYING: "Until recently, the robust growth in the emerging markets was seen as a stabilising force in the evolving global economy. The euro zone crisis and the faltering global recovery together are now having a very adverse impact on market confidence and on the pace of growth in our economies." PUTIN SITTING MEETING IN PROGRESS (SOUNDBITE) (English) INDIAN PRIME MINISTER, MANMOHAN SINGH, SAYING: "A strong message, I suggest should come from the summit of our collective resolve to tackle these problems head on. There seems to be growing skepticism regarding the effectiveness the Group of 20 (G-20) and we have to counter this growing impression." HU JINTAO SITTING (SOUNDBITE) (English) INDIAN PRIME MINISTER, MANMOHAN SINGH, SAYING: "The first task is to ensure the stability of the euro zone, which is now under threat because of imbalances that have been allowed to build up and which have led to serious problems of sovereign debt and bank re-capitalisation. The statements made by the newly elected Greek leadership are encouraging but the danger of contagion remains because it derives from the banking sectors trust associated with high sovereign debt. Much of the solution to this problem lies within the euro zone." PUTIN SITTING THE MEETING IN PROGRESS HU JINTAO SITTING THE MEETING IN PROGRESS ZUMA SITTING ROUSSEFF SITTING WITH BRAZILIAN DELEGATES ROUSSEFF SITTING MEETING IN PROGRESS
- Embargoed: 4th July 2012 12:53
- Keywords:
- Location: Mexico
- Country: Mexico
- Topics: International Relations,Politics
- Reuters ID: LVA9SQM85QC16STY650ZYFETEEEW
- Aspect Ratio: 4:3
- Story Text: Leaders from some of the world's top emerging economies met ahead of the G20 opening on Monday (June 18), where the euro zone crisis and Greek election dominated much of the discussion.
Presidents of Brazil, Russia, India and China - known as the BRIC countries - also talked about enhancing their contributions to the IMF and exploring the idea of conducting currency swaps as part of efforts to promote global financial stability.
Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Indian Prime Minister Manmohan Singh and Chinese President Hu Jintao held their informal meeting to coordinate positions before the summit opened. According to India's External Affairs Ministry, the group agreed that the euro zone crisis threatened global financial stability and that the cooperative solutions must be found to resolve it.
In a news conference, Singh said the BRIC economies had all been affected by the economic slowdown.
"Until recently, the robust growth in the emerging markets was seen as a stabilising force in the evolving global economy. The euro zone crisis and the faltering global recovery together are now having a very adverse impact on market confidence and on the pace of growth in our economies," he said.
Singh also said that the G20 should use its platform to deliver a strong and united front in confronting the euro zone crisis.
"A strong message, I suggest should come from the summit of our collective resolve to tackle these problems head on. There seems to be growing skepticism regarding the effectiveness the Group of 20 (G-20) and we have to counter this growing impression," he said.
He added that Greece had taken an encouraging step by electing a bailout-friendly party, but that the problems behind the crisis ran deeper.
"The first task is to ensure the stability of the Euro zone, which is now under threat because of imbalances that have been allowed to build up and which have led to serious problems of sovereign debt and bank re-capitalization. The statements made by the newly elected Greek leadership are encouraging but the danger of contagion remains because it derives from the banking sectors trust associated with high sovereign debt. Much of the solution to this problem lies within the Eurozone," he said.
Leaders from the 20 industrialised nations, representing more than 80 percent of world economic output, are expected to deliver pledges to stimulate growth while balancing those efforts against steps to rein in budget deficits during the next two days. - Copyright Holder: ANI (India)
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