Economy
China Promises to Rescue the EU… Again?
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20 February 2012
Amid all that is happening in the Arab world (escalating violence in Syria, and nuclear brinkmanship by Iran) as well as the never-ending epic saga of the Greek sovereign debt crisis, comes the delayed EU-China summit in Beijing last week.
Held on Valentine’s Day, it was full of promises for mutual love, respect, and accommodation from both sides. Although the Chinese Premier promised to help resolve the EU debt crisis again (see: Chinese Premier Wen Jiabao vows to help on Eurozone debt, and China to Get More Involved in Europe Rescue, Hold Euros), no specific promises were made about contributing to the European bailout fund.
What the EU needs more than anything right now is a firewall to contain the spread of market-driven uncertainly over the viability of government debt in the Mediterranean member of the EU. From Greece to Portugal, governments have run large public debts and are having a difficult-to-impossible time securing financing of their debts from the private sector.
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