Euro crisis can choke growth: Krishna1 min read . Updated: 23 Jun 2012, 12:03 AM IST
Euro crisis can choke growth: Krishna
Bangalore: India expressed concerns over the effect the European debt crisis will have on the world economy at a meeting with a German delegation led by foreign minister Guido Westerwelle in Bangalore on Friday.
Guido Westerwelle says Europe can’t borrow its way out of its debt crisis, but adds that reviving growth is a priority.
“The sovereign debt crisis and the banking crisis now on the horizon, have grave implications not only for the European economy, but also the global economy," Krishna said.
Krishna said there is a need to substantially expand the resource base of multilateral development banks so that they have the fire-power to help developing countries pursue their developmental goals.
The two foreign ministers also held discussions on issues such as reforms in global institutions, particularly the United Nations Security Council, the security situation in Afghanistan, and the situation in Syria.
Complimenting India’s role in promoting private sector investment in Afghanistan, Westerwelle said that the round table conference for promoting private investment in Afghanistan was a welcome move.
The two ministers also discussed issues concerning bilateral trade, strengthening cooperation in the fields of green technologies, environmental protection, higher education and the information technology sector.