China Premier vows to help on eurozone debt

China has promised to help resolve the eurozone’s debt crisis, after talks with EU leaders in Beijing.

Tuesday, February 14, 2012

China has promised to help resolve the eurozone’s debt crisis, after talks with EU leaders in Beijing.Premier Wen Jiabao offered co-operation to help stabilise debt-ridden EU nations, but made no specific promise to invest in a European bailout fund.EU leaders have been seeking Chinese money to help bolster a planned fund of about 500bn euros ($665bn; £420bn).In another sign of the EU’s troubles, credit-rating agency Moody’s earlier downgraded Spain, Italy and Portugal.Moody’s also downgraded the credit outlook for France, Britain and Austria.The crisis in eurozone counties has intensified in recent days.Greece passed a package of severe cuts late on Sunday, demanded by the EU and IMF in return for a 130bn euro bailout.But the austerity measures have proved deeply unpopular and caused riots in Athens.