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Eurozone relief as [Communist] China pledges debt bailout
The Telegraph ^ | 6/25/2011 | Andrew Cave

Posted on 06/27/2011 8:54:12 PM PDT by bruinbirdman

Chinese premier, Wen Jiabao, has thrown the eurozone a vital lifeline and pledged to buy billions of euros of European debt to keep the single currency project alive.

The move, which will be a relief to struggling eurozone countries including Greece, Portugal and Ireland, was announced as Mr Wen continues his four-day trip to Europe, arriving in Britain last night from Hungary and going on to Germany on Monday night.

China's plan to continue to invest in the continent's volatile sovereign debt market comes as efforts continue to prevent Greece's financial crisis making it the first nation to be forced out of the euro.

"China is a long-term investor in Europe's sovereign debt market," Mr Wen said at a press conference with the Hungarian prime minister, Viktor Orban.


Wen Jiabao, Angela Merkel

"In recent years we have increased by quite a big margin our holdings of government bonds. We will consistently continue to support Europe and the euro."

He added: "China is ready to work with Europe to share opportunities, cope with challenges and achieve common development and to make unremitting efforts for stable development of the world economy and an in-depth development of China-Europe ties."

Mr Wen's comments, made before boarding a flight to Birmingham, came after a week in which EU leaders committed themselves to staving off a Greek default

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS:

1 posted on 06/27/2011 8:54:14 PM PDT by bruinbirdman
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To: bruinbirdman

Come into my parlor said the spider to the fly.


2 posted on 06/27/2011 8:58:47 PM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
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To: bruinbirdman

Looks like Europe found a new patron to fund their socialist delusions. The best thing that could have happened to Europe would have been the demise of the Euro IMO.


3 posted on 06/27/2011 9:00:46 PM PDT by Shadow44
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To: bruinbirdman

It looks like the Euroweenies are going to belong to the Chi-coms as well.


4 posted on 06/27/2011 9:02:45 PM PDT by wjcsux ("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: SAJ

Ping.


5 posted on 06/27/2011 9:04:50 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: bruinbirdman

They had to put their cash from dropping our treasuries somewhere.


6 posted on 06/27/2011 9:09:02 PM PDT by proudtobeanamerican1 (A house divided against itself cannot stand.” Abraham Lincoln)
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To: bruinbirdman

Hu’s your daddy.


7 posted on 06/27/2011 9:09:56 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: proudtobeanamerican1

Well that’s a terrible decision then.

Not only did they sell at the bottom, they are buying into the euro. I doubt they will buy at rates sufficient to cause them issues, but we shall see just how bad it is in europe.


8 posted on 06/27/2011 9:33:29 PM PDT by BenKenobi (Honkeys for Herman!)
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To: bruinbirdman

With friends like that,...?


9 posted on 06/27/2011 9:34:25 PM PDT by familyop (We Baby Boomers are croaking in a thunderous avalanche of rottenness smelled across the universe.)
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To: bruinbirdman

This is the real end of the Cold War.

The Communist block buys the West.


10 posted on 06/27/2011 9:39:11 PM PDT by PetroniusMaximus
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To: bruinbirdman

Jinbao sure got a mischievous smirk on his face. The cat that is about to eat the canary. China couldn’t care less about euros. China wants Europe.


11 posted on 06/27/2011 9:42:09 PM PDT by HiTech RedNeck (Hawk)
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To: BenKenobi
"Not only did they sell at the bottom, they are buying into the euro."

Sell low ($), buy high (€).

The ChiComs have done this before. The political rhetoric is worth more than their actual investments.

yitbos

12 posted on 06/27/2011 9:45:22 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: PetroniusMaximus

What baffles me is why haven’t the petrodollar-rich lands of Araby purchased the West long ago? Oil has been imported from them from a much longer time ago than Nixon’s visit to China.


13 posted on 06/27/2011 9:46:24 PM PDT by HiTech RedNeck (Hawk)
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To: familyop
"With friends like that,...?"

ChiComs, EUroSocialists, Obammunists, comrades all.

yitbos

14 posted on 06/27/2011 9:51:40 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: bruinbirdman

It is in China’s own economic interest that the Eurozone does not implode—China has a lot of trade with the Eurozone and the last thing they want is an end of exports there.


15 posted on 06/27/2011 9:58:28 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: HiTech RedNeck

Because they got that money too easily, without having to put much actual work into earning it; it wouldn’t have made any sense to them to buy the West because most of their purchases are focused on consumption, not on investment or acquisition for investment purposes. The Chinese are most definitely not in those effete ranks.


16 posted on 06/27/2011 10:01:55 PM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: RayChuang88
"It is in China’s own economic interest that the Eurozone does not implode"

True, but EUSSR needs a few trillion euros to maintain its system.

Everyone knows that socialism eventually has to implode.

ChiComs might spend a few yawns for PR, but they aren't bailing anyone out.

yitbos

17 posted on 06/27/2011 10:05:10 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: bruinbirdman
"ChiComs, EUroSocialists, Obammunists, comrades all."

Yep, and speaking of crazy debt schemes,...

Fed Seen Purchasing $300 Billion in Treasuries After QE2
http://www.bloomberg.com/news/2011-06-27/fed-seen-buying-25-billion-a-month-in-treasuries-after-qe2-comes-to-end.html

[Title and link only. No content allowed to be posted to FR from Bloomberg.]


18 posted on 06/27/2011 10:17:46 PM PDT by familyop ("Dry land is not just our destination, it is our destiny!" --"Deacon," "Waterworld")
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To: bruinbirdman
China is saying we are going to have a lien on the whole damn world and we get to call all the shots. Ok, move the United Nations to China and really piss us off.
19 posted on 06/27/2011 10:19:31 PM PDT by org.whodat
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To: bruinbirdman
Good to see China p*ssing its money away down the Eurorathole... Perpetuates the Eurofailure State and hurts the Chinese a bit. Win-win, I'd say...
20 posted on 06/27/2011 10:30:08 PM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: proudtobeanamerican1
They had to put their cash from dropping our treasuries somewhere.

Buying dangerously overvalued Eurobonds with worthless American dollars. There is just something, oh, so poetic about it all!

21 posted on 06/27/2011 10:31:38 PM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: org.whodat
Ok, move the United Nations to China and really piss us off.

I'll help them pack this weekend!

22 posted on 06/27/2011 10:32:44 PM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: bruinbirdman

Now all we need do is default on our debt the exact same way Communist China once did to us, and they are finished!


23 posted on 06/27/2011 10:36:03 PM PDT by Dogbert41
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To: April Lexington

Write China and tell them it will really piss us off.


24 posted on 06/27/2011 10:42:00 PM PDT by org.whodat
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To: April Lexington
"Good to see China p*ssing its money away down the Eurorathole... "

The last time the ChiComs were altruistic with Grease bailout, they wanted to buy a port in exchange.

Greece for sale

"Last year China's state-owned shipping company Cosco took control of most of the port, Greece's largest container facility . . . ."

yitbos

25 posted on 06/27/2011 10:44:01 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: bruinbirdman
Gadzooks! We got all the cheap plastic crap that ended up in our landfills and they got all the money. Some deal, eh? At least the money is deteriorating! Ha!
26 posted on 06/27/2011 10:49:33 PM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: Army Air Corps
This is, and has been, an on-going deal. The principal thing it demonstrates is that Lady Thatcher was absolutely correct with her now-famous remark about socialism.

To which, I think, we must add a corollary, specifically, ", and socialists simply do not care wherefrom they acquire/borrow/steal more money to keep their curious system 'working'."

27 posted on 06/28/2011 5:48:50 AM PDT by SAJ (Zerobama -- a phony and a prick, therefore a dildo)
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