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 China delays investing in euro rescue fund

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Posts : 1645
Join date : 2011-08-09

PostSubject: China delays investing in euro rescue fund   Thu Nov 03, 2011 5:01 pm

Iraq Sun
Thursday 3rd November, 2011

• China will not invest until Greek referendum crisis resolved
• Greek referendum throwns entire debt plan into disarray

• EFSF forced to cancel 3 billion euro bond sales

China's deputy finance minister has indicated the world's second-largest economy will not make any contribution to the European rescue fund until the new crisis is resolved.

It had been expected that China might announce significant investment in the European rescue fund at the G20 summit, but Chinese leaders have refused to make any move until the Greek situation has been clarified.

"The fund has not established details of its investment options so we still can't talk about the issue of investing," Chinese Deputy Finance Minister Zhu Guangyao said.

European leaders had hoped China would inject capital into the region's struggling financial markets after they pledged to boost the capacity of the European Financial Stability Fund EFSF to 1 trillion euros.

Klaus Regling, the chief executive of the EFSF, last week travelled to Beijing in a bid to persuade the country's leaders to invest in the fund.

But, like Europe, China has been taken by surprise with the Greek announcement of a referendum on further austerity measures, a move that has thrown the entire European debt agreement into chaos.

"Like our European friends, we did not expect [the call for a] Greek referendum," Zhu said on the sidelines of the G20 summit.

"It was an independent decision taken by Greece. I hope this period of uncertainty will be contained," he added.

The French and German leaders have both called on Greece to decide whether it wants to remain in the eurozone, insisting that such instability cannot be tolerated.

Greece's call for a referendum has already resulted in the EFSF being forced to cancel bond sales targeted at raising 3bn euros
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