EU looks to China to fund eurozone bailout
28 Oct 2011
The head of the eurozone's bailout fund is trying to get China to invest in a scheme that would help rescue member countries facing debt crises.
After a meeting with Chinese leaders, Klaus Regling, head of the European Financial Stability Facility (EFSF), said there had been no formal negotiations and there would be no deal now.
It is expected that China may pay about €70 billion into the fund, which would be likely to be boosted to €1trillion.
Meanwhile, according to French president Nicolas Sarkozy, the entry of debt-ridden Greece into the eurozone was a mistake since Greece was "not ready" for the eurozone in 2001. He added that it could be rescued thanks to a new deal on the debt crisis.
In Brussels European leaders held discussions till the early hours yesterday in a bid to clinch an agreement that would prevent the crisis blowing across to the larger eurozone economies.
The deal set off worldwide shares rally.
