Greece crisis to have only short-term impact on us: Montek

Pointing out that our country is nowhere near the position that some small countries in the Eurozone finds themselves in, Ahluwalia said the crisis may remain limited to small countries and not spread worldwide.

Addressing a CUTS International event here today, he said, "if it (Greece bailout package) succeeds in stabilising the global financial situation, that is beneficial for us. The crisis really is the crisis of sovereign debt in the industrialised countries....We are not in that situation... But if it is limited to two or three relatively small countries, it does not make any difference on our economy," he added.

The crisis in Greece as well as news of bailout package for that country are keeping the markets volatile worldwide.

India is no exception. Last week, the domestic markets witnessed a volatile session with the Sensex rising 561 points or more than 3 per cent on Monday--the biggest single day gain in nearly 10 months --but at the end of Friday, the index closed with a net gain of just 1.3 per cent.

Yesterday, the Sensex closed shed 159 points after recovering two-thirds of the losses suffered in early trade on weak global cues. The benchmark Sensex today closed up 40.20 points at 16,875.76 points after rising 1 per cent intra-day.