09 Dec '11, 3am

EU summit could determine world economy: Japan

EU summit could determine world economy: Japan

TOKYO: Europe has the firepower to fix its own debt problems, Japan's finance minister said Friday, as bloc leaders battled through a summit he said could "determine the course of the world economy in 2012". With European Union leaders squabbling over how they should plug the gaping hole in the continent's finances, Jun Azumi told reporters they had no option but to act decisively. "We want them to produce results that relieve markets and the world as it is a very important meeting that could determine the course of the world economy in 2012," Jun Azumi said, according to the website of the Nikkei newspaper. He said Europe had the resources to solve its problems and should not in the first instance go cap-in-hand to the International Monetary Fund. "You must not get it back to front," Azumi told a news conference after a regular Cabinet meeting, according to Dow Jones News...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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