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India plans $10bn support for EU bailout
vivatifosi
Posts: 18,746 Forumite
Picked this up on Google News, so should state to start with that it's from a source that I don't know. However per DNA (Daily News and Analysis), the Indian PM Manmohan Singh has agreed to support the IMF Euro bailout fund to the tune of $10bn. A long way from the largest contribution, but it does raise the question. Should a country where the GDP per capita of $3,700 bail out the Eurozone? I don't know the GDP per capita for the Eurozone, but for the EU it is $34,000, substantially higher (source for both CIA World Fact Book, 2011 figs).
The $10bn is part of a total BRIC contribution agreed at the G20 of $75bn. The total IMF fund for this is $430bn. The Indian PM has said that the funds will continue to form part of reserves and is aimed at forming a firewall to stop contagion.
Here's the original article:
http://www.dnaindia.com/india/report_nothing-wrong-in-india-s-10-billion-for-eu-bailout-fund-pm_1706010
The $10bn is part of a total BRIC contribution agreed at the G20 of $75bn. The total IMF fund for this is $430bn. The Indian PM has said that the funds will continue to form part of reserves and is aimed at forming a firewall to stop contagion.
Here's the original article:
http://www.dnaindia.com/india/report_nothing-wrong-in-india-s-10-billion-for-eu-bailout-fund-pm_1706010
Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Comments
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40% of India lives on less then $1.25 a day apparently.
However if they export, they have foreign reserve funds and so maybe it makes sense to keep that in a form of euro bond rather then plain cash
Its amazing how the whole world gets sucked into euro or USA politics. They should just stick to trade but India has its own brand of endless bureaucracy and red tape0 -
vivatifosi wrote: »Indian PM Manmohan Singh has agreed to support the IMF Euro bailout fund to the tune of $10bn....
......forming a firewall to stop contagion.
It's in everyone's best interests to avoid contagion.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
They could use some of the Aid money we send India !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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