Indonesia's president: no need to panic over stock market drop

Indonesia's President Susilo Bambang Yudhoyono said on Friday there was no need to panic over a sharp drop in the local stock market, saying the country was better prepared than in 2008 to face any potential global crisis.

The stock market index fell more than 6 percent at one point on Friday amid a global sell-off sparked by concerns over the euro zone's debt crisis and fears that the U.S. economy could slide back into a recession.

Yudhoyono was addressing an unscheduled cabinet meeting following the latest global economic developments. Source: Reuters