Bloomberg News

Zoellick Says Outside Support for Europe Waiting on Unified Plan

November 16, 2011

(See EXT4 <GO> for more on Europe’s debt crisis.)

Nov. 15 (Bloomberg) -- World Bank President Robert Zoellick said Europe may receive support from other countries to stem its debt crisis, including from emerging markets, if the region’s policy makers first unite around a plan.

Speaking at a conference in Washington today, Zoellick said he witnessed the reaction of officials from emerging economies as they watched European leaders “unable to get their act together” at a Group of 20 meeting in France earlier this month.

“We are willing to help but they have to help themselves first,” Zoellick said, describing the attitude of emerging- nation leaders. “I never want to see the U.S. in that position Europe was in,” at the G-20, he said.

European officials are rushing to pull together as much money as they can to show investors they can stamp out the region’s worsening debt crisis, which has now led to a surge in Italian borrowing costs. World leaders at the G-20 meeting demanded more details from euro countries before committing fresh cash to help through the International Monetary Fund or other channels.

Zoellick said a China-funded bailout was never going to happen, because Chinese officials face pressures from public opinion in their own country.

--Editors: Gail DeGeorge, Christopher Wellisz

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net


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