India called upon European countries to find funds within to fight their debt crisis. As the debt laden Euro Zone expects IMF to come to its rescue, Finance Minister Pranab Mukherjee said resources of the multilateral lender have already been trebled.Therefore, the European countries facing debt crisis should look up to their central banks for funding. He was intervening in the G 20 Finance Ministers meeting in Paris on Saturday.Mukherjee said New Delhi also wants the World Bank to chip in with more lending, along with IMF to respond to global financial problems. He said even as the crisis is looming large, World Bank's annual lending is projected to come down to 15 billion dollars in 2013 from last year's 44 billion.Therefore, the adequacy of World Bank resources should be considered alongside of IMF's. The focus should be on how to ensure that these resources are quickly mobilised and IMF's instruments lending are made adequately flexible.US Treasury Secretary Timothy Geithner also said Europe has enough resources to solve its own problems. IMF has already helped Greece, but Europe expects another 350 billion dollars.This G 20 Finance Ministers meeting is being held to help resolve the European debt crisis that is threatening to push world economies into another recession. Talks are expected to remain focused on Greece, amid fears that the crisis could spread to other highly indebted eurozone countries such as Spain and Italy, and exposed European banks.
News On AIR | October 15, 2011 5:05 PM
India calls upon European countries to find funds within to fight their debt crisis<br/>