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Help us out, Europe begs China: Desperate Euro chiefs look East to fund huge bailout gamble

Posted By admin On October 28, 2011 @ 4:06 am In Money Watch | Comments Disabled

JAMES CHAPMAN
UK Daily Mail [1]
October 28, 2011

Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive.

In a clear sign of how the balance of world power has tipped towards the East, EU leaders hope China can be persuaded to hand over huge sums to help bail out the eurozone.

In a further embarrassment, it emerged that the one trillion euro bailout fund announced in the early hours of yesterday does not really exist.

The pot contains only a quarter of that amount, and the rest of the money likely to be ‘leveraged’ – using the existing 250billon euros as security to borrow the rest.

Markets initially reacted with relief after all-night talks on the debt crisis engulfing the eurozone ended with agreement on a three-part package of measures after weeks of bickering.

Full article here [1]


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URL to article: http://www.prisonplanet.com/help-us-out-europe-begs-china-desperate-euro-chiefs-look-east-to-fund-huge-bailout-gamble.html

URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-2054405/EU-summit-del-Desperate-Euro-chiefs-look-East-fund-huge-bailout-gamble.html

[2] UK’s huge new euro bailout: As rescue talks collapse in chaos, our taxpayers face ANOTHER massive bill to prop up single currency: http://www.prisonplanet.com/uks-huge-new-euro-bailout-as-rescue-talks-collapse-in-chaos-our-taxpayers-face-another-massive-bill-to-prop-up-single-currency.html

[3] Eurozone Bailout Fund is a “Desperate Measure”: http://www.prisonplanet.com/eurozone-bailout-fund-is-a-desperate-measure.html

[4] Think Tank Says Bailout Fund Will Need $6 Trillion And France Will Lose AAA Rating: http://www.prisonplanet.com/think-tank-says-bailout-fund-will-need-6-trillion-and-france-will-lose-aaa-rating.html

[5] The Fatal Flaw In Europe’s Second “Bazooka” Bailout: 82 Million Soon To Be Very Angry Germans, Or How Euro Bailout #2 Could Cost Up To 56% Of German GDP: http://www.prisonplanet.com/the-fatal-flaw-in-europes-second-bazooka-bailout-82-million-soon-to-be-very-angry-germans-or-how-euro-bailout-2-could-cost-up-to-56-of-german-gdp.html

[6] Wary on Greece, EU mulls deepening bailout fund: http://www.prisonplanet.com/wary-on-greece-eu-mulls-deepening-bailout-fund.html

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