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China is now too big a player to take lightly and I see the Euro strengthening.
(My translation)
On Saturday China entered into an EU- country’s economy by promising strong financial support to crisis-hit Greece. “When Greece has problems, China is prepared to offer all the help it can” said the Chinese Prime Minister Wen Jiabao at a press conference in Athens together with his Greek counterpart, Giorgos Papandreou sfter they had held bilateral discussions.
China, according to Wen Jiabao, will help finance the purchase of
Chinese ships to the Greek shipping industry by creating a
Fund worth five billion U.S. dollars (about 34 billion SEK). “China is willing to join together with the EU – as a passenger in the same boat – to strengthen cooperation to meet the financial crisis, said the Chinese Prime Minister. Crisis-hit Greece also had the promise of Chinese investment, including for the port of Piraeus and for import of Greek
goods. The Chinese also promised purchases of Greek government bonds.
“Greece has been effective in its handling of the debt crisis”, continued Wen Jiabao, who spoke through an interpreter at a press conference.He also stressed that the EU and the IMF aid package to Greece had
yielded positive results and that he sees the Greek economy recovering in line with the global economy. Papandreou, for his part said that China’s plans to support Greece is an expression of confidence in Greece.Wen Jiabao will speak to the Greek Parliament on Sunday before moving on to Brussels to attend a meeting between EU and Asian leaders. Then he goes on to Germany, Italy and Turkey.
The k2p blog 