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China: We’ll spend billions to prop up the stricken euro

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SIMON DUKE
UK Daily Mail
June 27, 2011

China has vowed to increase its support of the eurozone after pledging to spend billions of pounds propping up the single currency.

Premier Wen Jiabao said it will keep buying government bonds – the debts of stricken European nations.

In a boost for Greece ahead of a pivotal vote on greater austerity cuts tomorrow, Mr Wen said Europe could count on his ‘unremitting’ support.

However, according to billionaire speculator George Soros, the debt crisis has pushed the eurozone to the ‘verge of an economic collapse’.

It was all but ‘inevitable’ that at least one stricken member will have to exit the euro because of massive debts, the hedge fund tycoon warned.

Mr Soros said the EU had to come up with a ‘plan B’ to avert a catastrophe.

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This article was posted: Monday, June 27, 2011 at 3:16 am





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