18 MAY 2011
Reuters (E.U. Official Defends Euro in China
BEIJING — Europe will not let the euro fail and European Union countries are committed to cutting deficits, the president of the European Council told Chinese officials on Tuesday, seeking to ease fears that the euro zone crisis could imperil China’s investments.
“All E.U. countries are bringing down public deficits. The most vulnerable countries are undertaking determined action to come out of the crisis,” President Herman Van Rompuy said in a speech at the Central Party School in northwest Beijing, which trains rising Chinese leaders.
His four-day China visit has coincided with a deterioration in Europe’s 18-month sovereign debt crisis, with growing concerns that Greece could be forced to restructure its debts and with Ireland and Portugal also coming under pressure.
China signaled last month that it was ready to buy more debt from the euro zone’s weaker states. There are no precise figures, but China has said it has bought billions of euros of debt.
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