Europe

Outside views on euro crisis: BBC correspondents

The G20 summit in Mexico has heard an impassioned defence of the EU's handling of its own economic crisis from European Commission President Jose Manuel Barroso.

After one top official identified the eurozone situation as "the single biggest risk for the world economy", Mr Barroso told a reporter the crisis was rooted in North America.

Here BBC correspondents examine views of the eurozone crisis from Russia, China and India, all of which have agreed to increase their contributions to the IMF's crisis-fighting reserves.

Mark Mardell, Washington DC

There is a mounting sense of frustration in the White House that Europe always does too little, too late. But there is no appetite at all for American tax payers coming to the rescue of their friends across the Atlantic.

President Obama says he tries not to scold but admits to giving eurozone leaders a "prod". The administration would like to see the European Central Bank act more like the Federal Reserve - coming forward with enough money to underwrite all European Banks.

There is a belief here that some political theatre wouldn't go amiss - a dramatic gesture by the ECB could shock the markets into a new confidence.

There is also growing annoyance that Angela Merkel is not enthusiastic and bold enough about the long-term solution. People do not think she is doing enough to promote greater fiscal and political union within the eurozone.

The average American probably is not aware how much danger the US economy is now in. And in a country where many feel the federal government is spending far too much, there are few who want to help bail out Europe.

Many argue that with its long holidays, generous welfare system and strong regulations Europe has only itself to blame for its plight. President Obama is more sympathetic than that, but knows a deepening of the crisis could cost him a second term.

Steve Rosenberg, Moscow

I remember when the word "Russia" was synonymous with economic hardship.

After the collapse of the USSR in 1991, the savings of millions of Russians became worthless and a large part of the population slid into poverty in the 1990s, despite Moscow receiving multi-billion-dollar loans from the IMF and other lenders.

In 1998, there was a financial crash and giant queues outside bank machines. In 2008, too, there was an economic crisis.

What a turnaround. Now the Russian government is reaching into its pocket and boosting the coffers of the IMF, with both eyes firmly on the eurozone.

But out on the streets, the Russians I have been speaking to are not impressed.

"We've got our own problems to sort out," bus ticket seller Vladimir told me.

"Lots of people, like me, can't afford to buy a place to live in. We need to develop our own economy and industry. Then we won't be affected by what's happening in Europe."

"Have we got $10bn (£6.4bn; 8bn euros) to give away? Is it just lying around?" asked manager Yevgeny.

"We've got a mass of unresolved problems in Russia, like our healthcare system, education. The people who take these big financial decisions live in Moscow. They look around them, see lots of cars on the road here and think everyone lives like this. What's more, Europe's only got itself to blame for its own problems."

John Sudworth, Shanghai

Of all the contributions from developing countries, China's has been most keenly awaited because on some measures, sitting as it does on the world's largest stockpile of foreign reserves, it has the deepest pockets.

In the end, $43bn is not as high as some had predicted, but it is nonetheless a tidy sum, the third largest pledged for the IMF crisis intervention fund and topped only by Japan and Germany.

It will certainly help to dismiss fears that Beijing would baulk at forking out to bail out richer European nations.

But in fact, that was never likely because the pledge comes with a large dollop of self-interest from China's point of view.

It can afford it, the money is a loan, not a payment, and it seems likely that there are strings attached, notably the insistence on faster progress towards the long-promised reform of IMF voting rights that would give Beijing much greater clout on the world stage.

Meanwhile, if China's largesse helps stave off a deeper crisis in the eurozone, its biggest export market, so much the better. The deal is win-win for China.

Shilpa Kannan, Delhi

India has agreed to contribute $10bn to the IMF's $430bn bailout fund.

Though much smaller than the Chinese contribution, it comes at a particularly difficult time for India as the country's GDP growth was just 5.3% in the quarter ending 31 March, the slowest pace in almost a decade.

But the general feeling is that it is something that needs to be done. Indian Prime Minister Manmohan Singh said the IMF had a critical supportive role to play in stabilising the eurozone and that all members must help the fund to play this role.

The industry too agrees with him. Europe is an important market for India.

The eurozone crisis has already been blamed for the sharp fall in the rupee - which has seen one of the biggest declines among Asian currencies, dropping more than 27% against the US dollar.

Also the worsening situation in Europe is one of the reasons that more than $800m of foreign capital has left India's stock market in recent months.

One-fifth of the country's exports go to European countries.

But the bigger worry for many in India's industry is that if the problem is not contained, Europe could drag down the US market - which could be far worse for India as it is the biggest market for the country's technology companies.