Euro zone crisis will adversely impact global economy: Manmohan Singh
16 Jun 2012
Leaders of the Group of 20 world's largest economies are meeting in a two-day summit in Los Cabos, Mexico amidst fears of a meltdown of the euro zone led by the Greek financial crisis that has grown out of control for the 17-nation grouping.
The G-20 leaders are facing pressure to take decisive action to quell the euro zone crisis even as they brace for Greece to cause more turmoil.
The summit, which comes amidst the Greek parliamentary vote on Sunday, is of particular import for India and other countries that have major trade relations with European Union states.
''The situation in Europe is of particular concern as Europe accounts for a significant share of the global economy and is also India's major trade and investment partner. Continuing problems there will further dampen global markets and adversely impact our own economic growth'', Prime Minister Manmohan Singh said prior to his departure for Mexico and Brazil.
''Continuing problems there will further dampen global markets and adversely impact our own economic growth. It is our hope that European leaders will take resolute action to resolve the financial problems facing them,'' the prime minister said in a departure statement.
Singh, on Friday, left for the G-20 Summit in Mexico, from where he will travel to Brazil for the UN Conference on Sustainable Development, more popularly known as the Rio+20.
