Chidambaram asks US, Europe to ‘set their house in order’

Finance Minister P Chidambaram has asked the US and Europe to “set their house in order” to reverse the impact of the financial crisis on economies worldwide and help capital to flow back to developing nations.

“If they (US and Europe) set their house in order, surely capital will flow back to developing countries credit will flow back and things will be much better”, he said in an interview to a private television channel ahead of the G-20 Summit here.

The Minister further said, “What India wants is that the country where this crisis originated the US and some countries in Europe must do all that is necessary to reverse the impact of the crisis of the global economy, especially the economies of the developing countries”.

Asked about the ways to encourage capital flow back to developing countries, Chidambaram said, “We do not have to do anything more. What we have had in place was enough to attract capital in the last three years. What is happening now is because of what is happening in their countries.”