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Updated: November 2, 2011 16:23 IST

India may consider financing bailout of Eurozone, says Pranab

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Union Finance Minister Pranab Mukherjee. File photo
PTI Union Finance Minister Pranab Mukherjee. File photo

Finance Minister Pranab Mukherjee on Wednesday hinted at financing for sorting out Eurozone crisis after a credible assessment of solvency problem is made.

“Our assessment of the situation is let them (Eurozone) make a credible assessment of solvency issue, try to sort out those problems and then after supplementary financing could be considered. Let us see what the leaders decide,” he told reporters.

He was replying to a query on the Greece government’s decision to seek referendum on a proposed EU rescue package which has created a fresh turmoil in the financial markets.

Mr. Mukherjee said even at the G-20 finance ministers meeting in Paris, India had maintained that the European solvency issue should be sorted out by the European nations themselves.

“Let us see what the leaders decide (at the Cannes G20 meeting beginning tomorrow),” he said.

Prime Minister Manmohan Singh has left for France to participate in the two-day Summit of world’s 20 leading economies (G20) to signal a “strong and coordinated approach” to put the global economy back on track, while addressing medium term structural issues.

Several European nations, including Greece, Portugal and Spain, are facing financial problems and a sovereign default is expected to have a severe impact on the whole region.

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