India announces $10 billion for debt-wracked Eurozone

India announced a $10 billion contribution to the IMF’s additional $430 billion financial firewall to help the debt-wracked 17-nation Eurozone so that the faltering world economy is protected against the spread of any financial contagion.

The announcement of the contribution was made by Prime Minister Manmohan Singh in his address at the Plenary Session of the seventh summit of the Group of developed and developing countries (G20) in Los Cabos, Mexico.

The G20 account for 80% of the World’s GDP.

(TOI 19JUN12)

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