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Indian PM: Eurozone crisis needs work

11-02-2011 18:47 BJT Special Report:Chinese President Hu Jintao Visits Autria, Attend G20 Summit |

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Indian Prime Minister Manmohan Singh expressed his country’s expectations for the G20 Summit. He’s looking for the leaders to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues.

The Indian Prime Minister says the EU debt crisis is the principal source of concern for the global economy. He says much more needs to be done, though the two EU summits just days ago have helped to restore a measure of confidence in the markets.

Manmohan Singh says India wants to see the eurozone to prosper, because in Europe’s prosperity, lies India’s prosperity.

He suggests developing economies need a conducive global economic environment to address the vast challenges.

Singh warns of the contagion effects and the import of inflationary pressures in the economy in an increasingly interdependent world.

He’s calling for guaranteed access to requisite funds through multilateral development banks for developing countries. He wants the same for investible surpluses to meet infrastructure and other priority needs.

The prime minister also says India will work with others to develop effective and representative global governance mechanisms, and carry forward the process of reform of the international monetary and financial system.

On the sidelines at Cannes, Manmohan Singh is also meeting with French president Nicolas Sarkozy, British Prime Minister David Cameron, and Australian Prime Minister Julia Gillard, as well as the European Union leaders Herman Van Rompuy and Jose Manuel Barroso.

Editor:Xiong Qu |Source: CNTV.CN

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