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Reduce debt to tackle crisis: Jain

business Updated: Jun 13, 2012 23:22 IST

Deutsche Bank’s new co-CEO Anshu Jain on Tuesday voiced his support for German Chancellor Angela Merkel’s austerity drive to tackle the crisis.

Making his first public appearance since taking over the reins of Germany’s largest bank 12 days ago, Jain, the first India-born head of Deutsche Bank in its 124-year history, said that debt reduction and budgetary consolidation are important steps to achieve greater cohesion in Europe.

Speaking on 'the way out of the euro zone debt crisis', Jain said deficit financing, in his view, is not the right strategy for Europe.

“Europe is finding itself at the cross-roads and there is only one way forward, and that is reduction of deficits.”

“We are experiencing one of the worst financial crises in the history of modern Europe,” and its end is open, said Jain.

He, however, said that deficit financing practised in the US is not the right strategy for Europe. “No body can demand from the core nations of the euro zone to finance the debts of their neighbours indefinitely,” Jain said.