SAUDI ARABIA: Finance Minister Dr. Ibrahim Al-Assaf says that the European crisis represents a challenge but both his country and OPEC are ready to deal with any challenging situation that may arise from problems with the euro

Record ID: 188855

  • Title: SAUDI ARABIA: Finance Minister Dr. Ibrahim Al-Assaf says that the European crisis represents a challenge but both his country and OPEC are ready to deal with any challenging situation that may arise from problems with the euro
  • Date: 22nd November 2011
  • Summary: RIYADH, SAUDI ARABIA (NOVEMBER 21, 2011) (REUTERS) EXTERIOR OF THE RITZ-CARLTON HOTEL WHERE THE 2011 ENERGY DIALOGUE TAKING PLACE SAUDI MINISTERS OF FINANCE AND MINSTER OF OIL ENTERING THE CONFERENCE HALL WIDE OF CONFERENCE HALL WITH MINISTER OF FINANCE DR. IBRAHIM AL ASSAF SPEAKING TO AUDIENCE SOUNDBITE (English) DR. IBRAHIM AL-ASSAF, SAUDI MINISTER OF FINANCE, SAYING: "The European crisis remains the central challenge to global growth with multiple spillover effects. Time is of the essence for Europe as tightening liquidity conditions are beginning to resurface globally which fuel additional volatility, uncertainly and lack of confidence." VARIOUS OF ATTENDANCE LISTENING TO DR. AL-ASSAF. SOUNDBITE (English) DR. IBRAHIM AL-ASSAF, SAUDI MINISTER OF FINANCE, SAYING: "Saudi Arabia has been able to better withstand the headwinds of the crisis from its outset and if worse comes to worse I am confident that we have the means to deal with any renewed challenges." CONFERENCE HALL. SOUNDBITE (English) DR. IBRAHIM AL-ASSAF, SAUDI MINISTER OF FINANCE, SAYING: "Who would have imagined just few years back that the mighty European Union would be seeking financing or assistance from countries like China, Brazil or Russia or that a country as large as and important like Italy is seeking a monitored economic reform program by the IMF." WIDE OF CONFERENCE. DR. AL -ASSAF THANKING THE AUDIENCE FOR LISTENING AND AUDIENCE CLAPPING THEIR HANDS
  • Embargoed: 7th December 2011 12:00
  • Keywords:
  • Location: Saudi Arabia, Saudi Arabia
  • Country: Saudi Arabia
  • Topics: Finance,Politics
  • Reuters ID: LVADFK3A1YD1SOUKR610O12B8F1G
  • Story Text: Saudi Arabia's finance minister said on Monday (November 21) he was confident that Saudi Arabia and other OPEC member had the means to deal with any renewed challenges if Europe's debt crisis worsens and it will continue with its investment programmes.
    "Saudi Arabia has been able to better withstand the headwinds of the crisis from its outset and if worse comes to worse I am confident that we have the means to deal with any renewed challenges," saidsaid He also highlighted the changing balance of global economic power in his speech to delegates at an energy conference in the Saudi capital.
    "Who would have imagined just few years back that the mighty European Union would be seeking financing or assistance from countries like China, Brazil or Russia or that a country as large and important like Italy is seeking a monitored economic reform program by the IMF," he said.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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