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Home>> News>> Company News>> 2010
Emerging nations not answer to debt crisis says World Bank

European leaders are due to meet officials from countries such as China and Brazil for talks in Washington.

There have been reports that China could buy Italian bonds and that Brazil might contribute to bailout funds.

But in an interview with the BBC, Mr Zoellick said the idea anyone will come along with a "bag of gold" is fanciful.

"I have been cautioning people not to look for the panacea," he said.

"A co-operative international response to Europe's crisis is useful and it helps that the International Monetary Fund and World Bank can draw on capital from cash-rich countries.

"But the idea that you are going to have the Chinese come with a bag of gold and bail everybody out of this problem, I wouldn't hold my breath," Mr Zoellick said.

'No substitute'
As well as representatives from Brazil and China, the Washington meeting will also include officials from the other so-called Bric nations, India and Russia.

Mr Zoellick said that financial support mechanisms that had been put in place to help indebted nations, such as the European financial stability fund, had helped.

But simply throwing more money at the problem was no long-term solution.


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