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15 Nov, 2011

ADB urges Asia to help rescue eurozone – FT.com

By James Lamont in Mumbai

The Asian Development Bank has called for India and China to be ready to help rescue the eurozone from its sovereign debt crisis to avoid a long-term downturn that will stunt the growth of Asian economies.

Rajat Nag, the managing director of the Manila-based ADB, said the world’s two fastest-growing large economies had to “do all they can” to speed the recovery of the the currency bloc either through the International Monetary Fund or direct bilateral arrangements.

He warned against Bric [Brazil, Russia, India, China] countries looking at Europe’s difficulties in a “dispassionate way” and said that Asian financial assistance alongside European leadership and resources would help avoid a long-term breakdown in the global economy.

“We are all in this together. So anybody who can help Europe get out of the crisis is useful,” he told the Financial Times in an interview on the sidelines of the World Economic Forum in Mumbai. “Asia may be shielded to some extent but it cannot be immune. So if China and India can help, by all means.”

via ADB urges Asia to help rescue eurozone – FT.com.