China to Shame Europe?, One way to get rid of Greenbacks Options

[elleX0]

China comes to the rescue?

Fresh humiliation for eurozone as China says it will bail out debt-ridden nations
By DAILY MAIL REPORTER
Last updated at 8:12 PM on 23rd December 2010



Portugal's credit rating downgraded by Fitch

Pledge: Chinese Premier Wen Jiabao offered to buy Greek bonds in October and the country has also agreed to buy out Portuguese debt
China has said it is willing to bail out debt-ridden countries in the euro zone using its $2.7trillion overseas investment fund.
In a fresh humiliation for Europe, Foreign Ministry spokesman Jiang Yu said it was one of the most important areas for China's foreign exchange investments.
The country has already approached struggling European countries with financial aid, including offering to buy Greece's debt in October and promising to buy $4billion of Portuguese government debt.
Today Portugal had its credit rating downgraded by the Fitch Ratings agency amid mounting concerns over the country's ability to raise money in the markets to finance its hefty borrowings.
Fitch said it was reducing its rating on the country's debt by one notch to A+ from AA- and warned that further downgrades may be in the offing by maintaining its negative outlook.
'To have any discernible effect China will have to buy a lot more than 5billion euros if they expect to have any impact on the negative sentiment surrounding Europe,' said Michael Hewson, currency analyst at CMC Markets.
China's astonishing economic growth has put it on track to overtake America as the world's economic powerhouse within two years, a recent report claimed.
But experts believed still be some years before America's leadership role is really challenged - largely because Beijing has given no indication it is ready to take on the responsibility of shepherding the world' economy.


Read more: http://www.dailymail.co.uk/news/article-13...l#ixzz1QNKCaPch"]http://www.dailymail.co.uk/news/article-13...l#ixzz1QNKCaPch[/url]

This post has been edited by elleX0: Jun 26 2011, 04:19 AM

[qaib]

Getting helps from China (a country that is viewed as barbaric by the west) is a humiliation to the Europeans. That's the only reason why the Europeans feel shame.

Although China has become a superpower, it's still largely a third world country and the Chinese yuan renminbi is still not valuable.

A country's wealth doesn't mean much if a country is not a strong advocate. China is only a superpower because of its wealth, but it lacks world leadership.

It's just like Arnold "The Governator" became a governor because he is rich, but he doesn't know what he's doing. That's how many view China as.

This post has been edited by qaib: Jun 26 2011, 04:39 AM

[samnang]

the rest of europe must really hate the greeks.

they probably wanna redraw the map of the european continent and have greece sitting outside of it. you greeks are middle easterners now!

This post has been edited by samnang: Jun 26 2011, 04:48 AM

[qaib]

aren't Greek eastern Europeans?

[samnang]

aren't Greek eastern Europeans?

i guess they're southern europeans, but their status as white people is probably gonna get revoked soon. they'll be lumped together with muslim anatolian turks.

This post has been edited by samnang: Jun 26 2011, 04:52 AM

[qaib]

oh, I've mistaken a hairy black hair big nose uni-brow Armenian girl in my class as Greek.