05 Aug '11, 11am

Indonesian president says 'no need to panic' as local stock market plunged more than 4.0 percent.

Indonesian president says 'no need to panic' as local stock market plunged more than 4.0 percent.

Indonesian President Susilo Bambang Yudhoyono said on Friday there was no need for panic about the economy, as the local stock market plunged more than 4.0 per cent amid a global market meltdown. -- PHOTO: AFP JAKARTA - INDONESIAN President Susilo Bambang Yudhoyono said on Friday there was no need for panic about the economy, as the local stock market plunged more than 4.0 per cent amid a global market meltdown. The leader of South-east Asia's biggest economy sought to reassure investors that Indonesia's fundamentals were strong and it could weather any further reverses in the world economy. Mr Yudhoyono told senior economic officials there was 'no need to panic as our current conditions are better than in 2008'. 'We managed to minimise the impact of the 2008 global economic crisis,' he added. 'We hope what's happening in the US and Europe doesn't lead to another crisis, b...

Full article: http://www.straitstimes.com/BreakingNews/SEAsia/Story/STI...

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