Don’t count on us to help you out of your single-currency hole, China tells Europe


HUGO DUNCAN
UK Daily Mail
October 31, 2011

Hopes that China will ride to the rescue of the single currency were dealt a blow last night after Beijing warned that it will not be Europe’s ‘saviour’.

State-run news agency Xinhua said the country cannot ‘provide a cure for the European malaise’.

It came after European officials begged China for bailout funds to help protect large economies such as Italy and Spain from financial ruin.

The decision to ask China for cash was seen as a watershed moment in the shift of economic power from West to East.

Opponents of French President Nicolas Sarkozy said the move was ‘shocking’.
Socialist party leader Martine Aubry said: ‘By turning to the Chinese, the Europeans are showing they are weak. The response should have been European.’

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