ECB heads denies Chinese investment is embarrasing for eurozone

North Korea Times Monday 31st October, 2011

European Central Bank President Jean-Claude Trichet has denied claims that a Chinese purchase of European bonds would be an embarrassment to the eurozone, calling it normal practice.

The president of the central bank, who will retire Tuesday, denied claims that eurozone countries are going “cap in hand” to China and insisted that the world’s second-largest economy’s support for the eurozone rescue fund was “absolutely normal”.

Trichet’s statements came as Klaus Regling, the head of the European Financial Stability Facility (EFSF), met with Chinese officials in an effort to boost the bailout fund through the purchase of European government bonds.

Regling is reportedly seeking a pledge of US $100 billion from China.

His visit to the country comes after Chinese President Hu Jintao arrived in Vienna, Switzerland for a state visit ahead of the G20 summit in Cannes on the 3rd and 4th of November.

Mario Draghi, the head of the Italian central bank, will take over from Trichet Tuesday.

Share this article:
  • Google
  • Twitter
  • Facebook
  • LinkedIn
Back to North Korea Times

Comments

  • No comments yet for this story

    • Have your say

    • CAPTCHA Image

    • By submitting your comment you agree to our terms and conditions

    Featured Story

    Eurozone avoids falling back into recession

    Eurozone avoids falling back into recession

    BRUSSELS - The 17-member eurozone and 27-member European Union avoided falling back into recession in the first quarter of the year, with few countries like Germany, Finland, Lithuania, Latvia, Estonia ...

    Record Your Vote

    Do you agree with U.S. President Barack Obama's support for gay marriage?

    View results

    On Facebook

    Classic Comments

    Four days ago marked two decades since Ratko Mladic became the commander of the main staff of the army of Republika Srpska - the VRS. On that day, Mladic began his full participation in a criminal endeavour that was already in progress. On that day, he assumed the mantle of realising through military might the criminal goals of ethnically cleansing much of Bosnia. On that day he commenced his direct involvement in serious international crimes.

    Dermot Groome

    The prosecuting counsel of the War Crimes tribunal convened to hear charges against Gen. Ratko Mladic was making his opening comments at the hearing.