Beijing As The Euro's Savior: Europe And China Bound By Mutual Fears -- Spiegel Online
While a hard-up America can only admonish those involved in the euro crisis, Chinese Premier Wen Jiabao is offering to be the savior. Beijing's price: more political credit and economic power. The EU must not be intimidated, however -- its bargaining position is better than it may seem at first.
A few years ago, critics from the United States and Europe gave their trading partner China a less-than-favorable name: In an insulting bit of latent racism, they dubbed the emerging superpower a "yellow peril." They warned of an army of Chinese minimum wage laborers, who would destroy entire industries in the West -- and with them millions of jobs. They also warned of growing political influence from the East, which could ultimately even lead to an erosion of human rights.
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Update: Ulterior motives seen behind China's offer of help to US, Europe -- Deutsche Welle
My Comment: All the tea (and money) in China is not enough to help Europe`s (and our) debt crisis. What will solve the debt crisis is to have governments overcome their addiction to spending .... a prospect that (unfortunately) does not appear feasible at the moment.
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