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Fresh humiliation for eurozone as China says it will bail out debt-ridden nations

Posted By admin On December 23, 2010 @ 12:30 pm In Money Watch | Comments Disabled

Daily Mail [1]
Thursday, December 23, 2010

China has said it is willing to bail out debt-ridden countries in the euro zone using its $2.7trillion overseas investment fund.

In a fresh humiliation for Europe, Foreign Ministry spokesman Jiang Yu said it was one of the most important areas for China’s foreign exchange investments.

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The country has already approached struggling European countries with financial aid, including offering to buy Greece’s debt in October and promising to buy $4billion of Portuguese government debt.

‘To have any discernible effect China will have to buy a lot more than 5billion euros if they expect to have any impact on the negative sentiment surrounding Europe,’ said Michael Hewson, currency analyst at CMC Markets.

Full story here. [1]


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[1] Daily Mail: http://www.dailymail.co.uk/news/article-1341110/Fresh-humiliation-euro-zone-China-says-bail-debt-ridden-nations.html

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