Eurozone must come out with credible package,says FMhttps://indianexpress.com/article/news-archive/web/eurozone-must-come-out-with-credible-package-says-fm/

Eurozone must come out with credible package,says FM

Finance Minister demands eurozone to come up with a credible package to deal with the debt problems.

India today said that eurozone should come out with a “credible package” to deal with the sovereign debt problems,even as the G-20 ministers and central bank governors began their three-day deliberations in Mexico to deal with the global economic issues.

“Our stated position is that to resolve the crisis of the eurozone they will have to come out with a credible formulation and package which will resolve the issue,” Finance Minister Pranab Mukherjee said on the sidelines of Diamond Jubilee celebrations of Employees’ State Insurance Corporation (ESIC).

The three-day ministerial meeting of the G-20,a club of rich and developing countries,comes at a time when the efforts are being made to resolve the sovereign debt problem

of the European nations.

Mukherjee,however,is not participating in the meet as he is preoccupied with the Budget preparations. The Budget for 2012-13 will be presented in Lok Sabha on March 16.

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RBI Governor D Subbarao and Economic Affairs Secretary R Gopalan are in Mexico to take part in the meeting.

With the eurozone debt problem impacting the global economy,Mukherjee said that BRICS (grouping of Brazil,Russia,India,China and South Africa) is scheduled to meet

next month to discuss its strategy.

“In respect of BRICS strategy,we are going to host a BRICS summit at the end of March and what will be the BRICS position in respect of that it will be discussed at the summit of the leaders,” he added.

India had earlier decided to host the summit of the leaders of the BRICS nations which has emerged as a powerful interest group on global platform.