Fools rushed in where Angels fear to tread.
But is it in this case? Do the Chinese know something that the world doesn't?
Or they playing Russian roulette?
China offered today to buy Greek government bonds in a show of support for the country whose debt burden triggered a crisis for the euro zone and required an international bailout.
Premier Wen Jiabao made the offer at the start of a two-day visit to the crisis-hit country where he says he expects to expand ties in all areas.
“With its foreign exchange reserve, China has already bought and is holding Greek bonds and will keep a positive stance in participating and buying bonds that Greece will issue,” Wen said, speaking through an interpreter.
“China will undertake a great effort to support euro zone countries and Greece to overcome the crisis.”
Greece needs foreign investment to help it fulfil the terms of a €110 billion (RM463.13 billion) bailout. This rescued it from bankruptcy in May but also imposed strict austerity measures, deepening its recession.
Greece, which has been raising only short-term loans in the debt market, has said it wants to return to markets some time next year to sell longer-term debt, although the EU/IMF package allows it to wait until 2012.
“I am convinced that with my visit to Greece our bilateral relations and cooperation in all spheres will be further developed,” Wen told Greek Prime Minister George Papandreou earlier in the day.
Greece and China pledged to stimulate investment in a memorandum of understanding and private companies signed a dozen deals in areas like shipping, construction and tourism.
Isn't China playing its overdue role in helping globalisation to prosper?
I think so.
