Wen Jiabao, Angela Merkel
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 ...
Come into my parlor said the spider to the fly.
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.
It looks like the Euroweenies are going to belong to the Chi-coms as well.
Ping.
They had to put their cash from dropping our treasuries somewhere.
Hu’s your daddy.
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.
With friends like that,...?
This is the real end of the Cold War.
The Communist block buys the West.
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.
Sell low ($), buy high (€).
The ChiComs have done this before. The political rhetoric is worth more than their actual investments.
yitbos
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.
ChiComs, EUroSocialists, Obammunists, comrades all.
yitbos
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.
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.
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
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