India to add $10 bn to aid Europe

www.hindustantimes.com...

India to add $10 bn to aid Europe

India will pledge an additional $ 10 billion to the International Monetary Fund’s (IMF’s) firewall against a eurozone financial conflagration. This was announced by Prime Minister Manmohan Singh in his opening speech at the Group of 20 summit in Mexico. The money will be part of an estimated $63-billion contribution by the BRICS countries, the emerging group og economies currently chaired by India, to the IMF’s $430-billion emergency fund. The BRICS countries, comprising Brazil Russia India China and South Africa, had earlier agreed that their contributions would be conditional on the IMF enhancing their voting rights and “that this recourse will be called upon only after existing resources are substantially utilised.” If India’s IMF vote share is actually increased, it will have to pay another $ 11 billion, said government officials. Though the Greek general elections on Sunday gave the euro zone some breathing space, high interest rates still commanded by Spanish and Italian government bonds indicate markets remained unconvinced that the crisis is on the path of resolution. Prime Minister Manmohan Singh warned that Europe’s “uncertainty” was the greatest threat to the global economy.

Well that's interesting , who would have thought of that . not to mention the British were here earlier saying they ould like to get their warships built in Indian shipyards.

That's fair enough, India has probably had 10x that in foreign Aid from the EU over the years

Second

reply to post by maddy21


So maybe India being a superpower is real?

Originally posted by TritonTaranis
That's fair enough, India has probably had 10x that in foreign Aid from the EU over the years

Second

edit on 19-6-2012 by TritonTaranis because: (no reason given)

I think this is some form of high level money laundering. EU to India and now back into EU via IMF? Just curious. If someone can enlighten me, it would be great.