FSDC panel to set up warning system

A Financial Stability and Development Council FSDC sub-committee on Wednesday met to discuss setting up of an advance warning system to tackle with any possible crisis given the uncertain global economic condition.

The meeting of the financial regulators,headed by RBI Governor D Subbarao,was an exploratory meeting to review the countrys preparedness in mitigating the impact of any possible global economic crisis,official sources said.

Earlier during the day,replying to a query on Greece seeking referendum on the proposed EU bailout package,Mukherjee said that India may consider financing to sort out euro zone crisis after an assessment of the problem. 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 said.