Japan holds off investing in Greek rescue fund

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Japan is waiting for concrete details before deciding whether to invest in a new eurozone debt bail-out, government spokesman Noriyuki Shikata said on Thursday at the G20 summit.

"We have been informed of the basic framework but we believe that there are details to be resolved," Shikata told journalists ahead of the opening later Thursday of the two-day meewt in the southern French resort of Cannes.

"We wish to understand better what we can do from our view point" in terms of investing in the bailout fund, known as the European Financial Stability Facility (EFSF), which EU leaders are trying to expand.

As part of the latest plan resolve the sovereign debt crisis stalking Greece and Italy, eurozone leaders plan to boost the fund from around 400 billion euros to one trillion, inviting China and other counties to participate.

Shikata also said Japan needed more information before it decided whether to join plans for a tax on financial transactions, a move pushed by Germany and G20 host France but opposed by other countries including the United States.

© 2011 AFP

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