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International community should provide eurozone support, Hu says

Cannes, France - Leaders of the major developing countries met in Cannes on Thursday to forge a united front ahead of the G20 summit.

Addressing a meeting of leaders from the BRICS, that also groups Brazil, Russia, India and South Africa, President Hu Jintao said that as the EU is the largest economy in the world, global recovery is dependent on a European recovery.

Leaders of the five major developing countries, Brazil, Russia, India, China and South Africa, meet ahead of the G20 summit in Cannes, Nov 3, 2011. [Photo/Xinhua]

Stressing China's confidence in the EU's ability to solve the debt problem, Hu said that the "international community should provide support and help" to the debt-ridden eurozone, urging all countries to unify their approach.

Hu also suggested that the financial departments of the BRICS should consult closely to keep track of the changing situation and enhance coordination.

Indian Prime Minister Manmohan Singh, Brazilian President Dilma Rouseff, Russian President Dimitri Medvedev, President Hu Jintao and South African President Jacob Zuma are all in Cannes for the summit.

Medvedev was quoted as saying that the meeting discussed "the difficulties in the eurozone" and "the necessity for the BRICS to come up with a common stance".

No details of the meeting, or any possible measures to be taken on the EU debt crisis, have been revealed.

The Cannes summit, slated for Thursday and Friday, will address major problems facing the world economy and the stability of the global financial markets.

Issues to be discussed at the summit include, among others, the eurozone debt crisis, reform of the international monetary system and the strengthening of financial regulations.

European leaders hoped other countries, especially some emerging economies, would buy European Financial Stability Fund (EFSF) bonds, by injecting capital in the region's financial markets.

The EFSF was one part of a three-pronged rescue plan put together to solve the eurozone debt crisis.

Last week, eurozone leaders agreed to boost the EFSF capacity to 1 trillion euros ($1.38 trillion).

Agence France-Presse (AFP) cites figures saying that Asian countries already hold 40 percent of EFSF debt, in testament to the BRICS' huge reserve stockpiles.

Zhu Guangyao, vice-minister of finance, said on Wednesday that "the fund has not established details of its investment options so we still can't talk about the issue of investing".

Brazilian government officials last week said they would consider using a portion of Brazil's $350 billion in foreign reserves to help aid the EU through bilateral agreements at the International Monetary Fund (IMF). Russia has also reportedly decided to offer $10 billion through the IMF.

Top Kremlin economic adviser Arkady Dvorkovich told a news conference in Moscow on Monday that the BRICS would continue to lobby for wider clout in international financial institutions such as the IMF and the World Bank.

President Hu Jintao is welcomed by French President Nicolas Sarkozy on his arrival on Thursday at the G20 summit in Cannes. [Photo by Christian Hartmann/Reuters]