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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.

(ARTICLE CONTINUES BELOW)

Fresh humiliation for eurozone as China says it will bail out debt ridden nations 011210banner3 [2]

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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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URLs in this post:

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

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] Stock up for the Holidays with eFoodsDirect and get FREE Shipping!: http://www.efoodsdirect.com/2010-holiday-special/?aid=14&adid=48

[4] China Buys Up EU Government Debt: http://www.prisonplanet.com/china-buys-up-eu-government-debt.html

[5] Eurozone debt crisis could rip E.U. apart: officials: http://www.prisonplanet.com/eurozone-debt-crisis-could-rip-e-u-apart-officials.html

[6] China Formally Working With IMF To Avoid Eurozone Restructuring: http://www.prisonplanet.com/china-formally-working-with-imf-to-avoid-eurozone-restructuring.html

[7] China Says Debt Financing Unlikely ‘to Save’ US, EU: http://www.prisonplanet.com/china-says-debt-financing-unlikely-to-save-us-eu.html

[8] U.S. Treasury: China Has Decreased Its Holdings of U.S. Debt: http://www.prisonplanet.com/u-s-treasury-china-has-decreased-its-holdings-of-u-s-debt.html

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