A report by David Pierson and Don Lee in Los Angeles Times published on November 6th 2011 is being greatly discussed in business circles. Many European countries are in the midst of planning to overcome their financial crisis and are hoping that China would to a great extent fund their $1.4 trillion bailout plan. But many Chinese feel that the Europeans are still in a much better condition than the Chinese themselves and as such are wary of the idea. The prospect of China emerging as the new power on the basis of this bailout has not found favor with Chinese public.
The Socialist government in Greece and the opposition party has agreed to form a united government to jointly overcome the crisis. But till now China has not expressed it willingness to fund Europe’s massive bailout plan. A successor to the Greek Prime Minister was to be announced last Monday, but there are still no signs of a positive response from the Chinese leaders. It is quite apparent that they are not yet inclined towards funding the bailout and it is hard for the Chinese public to accept such a move.
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