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发帖数: 16209 | 1 very old news, lets see how much Wen's red carpet worth:
Beijing promises to buy Greek bonds
04.10.10 @ 09:26
RELATED China hints at Portuguese debt purchases Europe steps up pressure
over renminbi Chinese five-year plan likely to affect Europe
BY ANDREW WILLIS
BRUSSELS - Chinese Premier Wen Jiabao has embarked on a one-week European
tour, vowing over the weekend to buy Greek government bonds when Athens
decides to return to international markets.
In a speech to the Greek parliament on Sunday (3 October), Mr Wen also said
China had no plans to reduce its holdings of eurozone sovereign bonds in
general, and pledged its support for a strong Europe.
"We have stayed at Europe's side to overcome the crisis and to allow the
recovery," Mr Wen told Greek parliamentarians ahead of his visit to Brussels
this week for a meeting of Asian and Europe leaders (ASEM), followed by a
bilataral EU-China summit.
The news will come as a welcome fillip to the Greek centre-left Pasok
administration, currently battling against an economy in recession and
citizen opposition to tough austerity plans.
Reports suggest that Athens may look to test investor appetite with a bond
issue at some point next next year, despite current bond yields that remain
in double digits and having successfully secured a ?110 billion EU-IMF loan
in May that should tide it over until 2013.
With government spending cuts likely to further dampen domestic demand,
Athens is increasingly relying on foreign investment and growing export
numbers to lift the country's economy, say analysts.
A promise by Mr Wen to double bilateral trade volumes with Greece over the
next five years will therefore also come as further good news, as will the
signature of deals on investment and tourism and the establishment of a new
fund to assist Greek shipping firms in the purchase of Chinese ships.
But the soothing statements were accompanied by a call for Europe to end its
barriers to high-tech exports to China and for the 27-member bloc to
recognise China's market economy status, a long-standing request that would
limit the EU's room to impose anti-dumping duties on Chinese imports.
Discussions in Brussels are set to be more prickly, with Asian leaders
likely to pressurise Europe to review the number of seats it holds on the
board of the IMF. A recent European offer appears unlikely to gain approval
at the IMF's annual meeting later this week.
Under the proposal, Europe said it would share with emerging nations two of
the continent's eight executive-director seats on a rotating basis among the
smaller European countries. The board currently has 24 seats.
Conversely, China is expected to come under pressure during currency talks
on Wednesday morning over the value of its renminbi, with US lawmakers
recently passing a bill that would punish China for the alleged
undervaluation.
Mr Wen will finish up his European tour later this week with visits to
Turkey and Italy. |
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