WASHINGTON: President Barack Obama and Indian Prime Minister Manmohan Singh agreed on Thursday on the need to buffer the global economy against risks from the European debt crisis, the White House said.
In readout of their telephone call before the G20 meeting in Mexico next week, the White House said the two leaders discussed "the importance of steps to strengthen the resilience of the global economy" with a focus on steps to lift growth.
Leaders of the Group of 20 leading industrial nations will meet in Los Cabos, Mexico on June 18-19. Their conversations will be dominated by the European debt crisis.
Authorities in the world's major economies are preparing for a possible market storm or public panic after should leftists win the Greek elections this weekend and cast doubt on the nation's future in the euro zone.
Officials from the G20 nations said that central banks were ready to take steps to stabilize financial markets by providing liquidity and prevent any credit squeeze after Sunday's election.
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@j. von hettlingen: When in India, leaders do not sit around discussing the Euro crisis (although they aren't doing enough to reinvigorate the economy through timely reforms). However, the G-20 is a forum to discuss common problems, and one of the biggest is the continued uncertainty in Europe.
@j. von hettlingen: kangress is more busy with vote bank politics, saving black money and corruption
India should be more concerned about its economy, before it saves the world's. India's economy has grown less than expected in April and the rupee has fallen almost 25% against the US dollar in the past 12 months. Despite measures taken by India's central bank to try and prop up the rupee, it continues to remain under pressure. There's a risk that India could be the first BRIC nation to lose its investment grade status, warned the rating agency Standard & Poor's.