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Monday, March 25, 2013

Europe may not solve debt woes in 10 years


BEIJING: China's new finance minister said yesterday it was unclear whether the eurozone would solve its debt problems over the next decade and suggested further turmoil would complicate efforts to reduce Beijing's fiscal deficits.

Lou Jiwei said external difficulties might oblige China to run deficits for longer than anticipated as government expenditure was rising quickly and revenues growing only at a single-digit pace.

"I am really very worried about Europe. I am worried about whether it can get out of trouble in the next 10 years," Lou said in an address to an economic forum.

Lou made his remarks as Cypriot President Nicos Anastasiades travelled to Brussels to discuss a European Union bailout and a reprieve from financial meltdown. Reuters

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