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India safe haven, immune to Greek crisis: Chawla May 10, 2010

Posted by Yilan in Yunanistan.
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Emboldened by India overcoming the global financial crisis faster than many others, Finance Secretary Ashok Chawla today allayed fears of Greece debt crisis impacting the Indian economy.

“I think we are immune. We were immune when there was a much larger international financial crisis,” a visibly confident Finance Secretary Ashok Chawla told reporters on the sidelines of an Assocham function.

The European Union and the International Monetary Fund (IMF) today unveiled a mammoth nearly USD one trillion (euro 750 billion) bailout package for troubled Eurozone countries.

As far as India is concerned, the impact will be minimal. In the short run, it might help India in terms of India being regarded as a relatively more safe haven,” Chawla said.

“Capital flows are determined by various factors, one of them quite clearly, evidently is the safer the destination, more the money goes there,” he added.

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