Italy calls on China as emergency lender as crisis deepens |
| Washington Post - Sep 13, 2011 |
China’s status as the fastest- growing major economy and holder of the largest foreign-exchange reserves lured another bailout candidate as Italy struggles to avoid a collapse in investor confidence.
Italian officials held talks in the past few weeks with Chinese counterparts about potential investments in the country, an Italian government official said yesterday, adding that bonds weren’t the focus. Finance Minister Giulio Tremonti met with Chinese officials in Rome earlier this month, his spokesman Filippo Pepe said by phone today.
Chinese Foreign Ministry spokeswoman Jiang Yu, asked about buying Italian assets, said Europe is one of his nation’s main investment destinations, without specifically mentioning Italy.
Italy joins Spain, Greece, Portugal and investment bank Morgan Stanley among distressed borrowers that turned to China since the 2007 collapse in U.S. mortgage securities set off a crisis that widened to engulf euro-region sovereign debtors. Stocks rose on the potential Chinese investment in Italy even as previous commitments failed to have a lasting impact.
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- Posted: 2011-09-13 14:21:52
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