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Saudi finance minister says euro effect to be 'very limited'
Alassaf
The impact of Europe's economic woes on Saudi Arabia will be "very limited" because the kingdom has the "appropriate means" to guard against any financial shockwave, the country's Finance Minister Ibrahim Alassaf said.
Leaders of the world's major economies met in the French Riviera on Thursday to try to overcome a European sovereign debt crisis that threatens to drag the global economy into recession.
"If there is a big decline in the economic conditions of Europe... it will affect all nations including the kingdom to some degree, but I stress that the impact would be very limited because we have the appropriate means to limit the negative effect on the kingdom's economy," Alassaf told state news agency SPA in Cannes, France.
"Now we are facing a new challenge, Europe, and the heaviest burden is on European nations, but the international community stands side by side with Europe and it prepared to support it via the IMF," Alassaf said.