Europe must find solution to its debt crisis: PranabOctober 17th, 2011 - 9:47 pm ICT by IANS
New Delhi, Oct 17 (IANS) Finance Minister Pranab Mukherjee said Monday that Europe will have to find its own solutions to the sovereign debt crisis that some countries on the continent are facing.
“It is a European problem and they have to solve it themselves,” Mukherjee said at an event organised to mark 25 years of the Asian Development Bank (ADB) in India.
He said there was convergence of views among the G20 finance ministers that European leaders should find solution to their own problems.
Mukherjee said the G20 finance ministers have not made any specific recommendations to their respective heads of states and they were waiting for European Union meetings to be held Oct 23 in Brussels.
“We have not given any specific recommendation to our leaders, because there is a meeting slated for Oct 23 in which European leadership would deliberate on the issue,” Mukherjee said on the sidelines of an industry summit held here.
According to Mukherjee, key issues like sovereign debt and solvency rates are slated to be discussed in the meeting and that any recommendation by his ministry would solely depend on the outcome of the meeting.
“There would be deliberation on sovereign, sovereign solvency rate. That’s why we can not comment until the outcome of that meeting is known.”
On the issue of augmenting International Monetary Fund (IMF) for supporting the fledgling European economy, Mukherjee said: “Let them get over with the meeting (Oct 23) and if need be external support would also be provided. In this augmentation of IMF would also be done if need be.”
European leaders are slated to meet in Brussels to chalk-out a new strategy to end debt crisis. The leaders of the G20 countries would meet there after meeting in Cannes in November.
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