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Chinese Whispers

After yesterday’s news about the eurozone, the markets have seen a welcome upswing. The ‘deal’ that has been agreed, though, now requires putting into practice. This has led the head of the eurozone’s bail-out fund (EFSF), Klaus Regling, to begin attempts to persuade China to invest in a scheme to help rescue member countries facing debt crises. This is likely to be a long process, but it is thought that China may pay about €70 billion into the fund which, it is hoped, will be boosted to €1 trillion. China has made it clear that it will require strong guarantees on any contribution that it makes.

Meanwhile, French President Nicolas Sarkozy has admitted that Greece was ‘not ready’ when it joined the euro in 2001 and that their entry was a mistake.

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