DAVOS,Jan29,2012: Wary of the European debt crisis causing collateral damage all around the world, India, Japan and South Korea are working together to prevent the Eurozone turmoil spreading to Asia. The united efforts of the three major Asian economies were shared with the delegates at the World Economic Forum meeting by Japanese Prime Minister Yoshihiko Noda. Noda's announcement was followed by IMF chief Christine Lagarde warning euro crisis could spill over to other regions. "Japan is already working with South Korea and India to reduce the risk of the crisis spreading to Asia," Noda told WEF through a video-link from Tokyo, last evening. Pointing out that Europe's crisis could be a major risk for the global economy, he said, "Japan stands ready to support the Eurozone as much as possible." In another session today, Managing Director of the International Monetary Fund (IMF) said, "No one is immune in the current situation... It is a crisis that could have collateral effect, spillover effect around the world. Everybody has an interest to solve this situation".Singapore Prime Minister Lee Hsien-Loong also had a word of caution, stating the escalation of European debt crisis would cause serious problems for the entire world. Lee, however said there was lot of momentum in the Chinese and Indian economies. Kishore Mahbubani, Dean at the Lee Kuan Yew School of Public Policy, National University of Singapore,underscored importance of India and China. "Even though there is rising inequality in the world, the long term trend towards less and less poverty is continuing... China and India will contribute in enormous numbers in reducing poverty," he said.
