The Asian Development Bank has called for India and China to be ready to help rescue the eurozone from its sovereign debt crisis to avoid a long-term downturn that will stunt the growth of Asian economies.
Rajat Nag, the managing director of the Manila-based ADB, said the world’s two fastest growing large economies had to “do all they can” to speed the recovery of the currency bloc either through the International Monetary Fund or direct bilateral arrangements.
He warned against Bric countries looking at Europe’s difficulties in a “dispassionate way” and said Asian financial assistance alongside European leadership and resources would help avoid a long-term breakdown in the global economy.
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