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JAKARTA, Aug 5 (Reuters) - 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.
For more news on world markets, see (Writing by Aditya Suharmoko; Editing by Kim Coghill)