India's finance minister on Euro crisis

[shalab]

This is a country where inflation is higher than growth already and whose currency dropped by 15% against the U.S dollar during the ongoing Euro crisis.

 

Let me conclude by suggesting that notwithstanding the short term

effects on India of  current global  developments, the inherent strength of

our economy will keep our long term success story intact. I would also like

to emphasize that when the western world is suffering and adjusting to

the shocks of global meltdown and the after  effects of crisis in Greece,

our industry leaders must consolidate  and leverage their position for a

better tomorrow

 

http://finmin.nic.in/press_room/2011/FM_Global_Economic_Turmoil_BankSector.pdf