Markets  |  August 30, 2012 15:42:17

China will support Europe bond purchase

China today announced that it is prepared to buy European bonds to prevent the worsening economic situation in Europe, which pulls them down as the Chinese and the American economy. Citizens indebted eurozone spend less, and it significantly harms all European trade partners.

Chinese Premier Wen Jiabao spoke those words of encouragement after a meeting with German Chancellor A. Merkel. It was in China to promote German-Chinese relations and negotiated contracts that could support European exports. Together they agreed to buy 50 Airbus aircraft worth 3.5 billion dollars in investments, which include the German car manufacturer Volkswagen and Chinese telecommunication equipment manufacturer ZTE.

The Chinese premier also said that although he believes that the situation in Europe since the outbreak of the debt crisis (2010), rather worse than better. He was most concerned about the uncertainty about the future of Greece and doubts whether Spain and Italy apply for financial aid. If yes, then what about the actual amount will be discussed. It assumes that the future economic situation of these three countries is mainly dependent on their willingness to reform its unprofitable state budgets. For these countries, as well as for the whole euro area is a long and unpleasant journey convalescence, the results of which will be felt after years.

Sino-German deliberations ended successfully for Europe. She even before China asked for financial assistance which made her worry too much about the future of the common currency had.

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