Tags: juncker | euro | china | debt | crisis

Juncker: Euro Area Doesn't Need China's Money

Sunday, 30 Oct 2011 04:21 PM

The euro area would be able to resolve the debt crisis without investment from surplus countries such as China, Luxembourg Prime Minister Jean-Claude Juncker told Germany’s ARD television in an interview.

While an investment by China in the European Financial Stability Facility “makes sense” given the magnitude of its surpluses, the decisions taken by European leaders last week to overcome the crisis could stand on their own, Juncker said.

“If China and other investors were not to invest in the end, the decisions that we’ve made are substantial enough alone to master the debt crisis,” Juncker told ARD.

EFSF Chief Executive Officer Klaus Regling visited Beijing last week to seek financial support from China, holder of the world’s largest foreign-exchange reserves. Chinese Vice Finance Minister Zhu Guangyao said Oct. 28 that his government wants more details about the “technicalities” before making any decision on investing in the fund.

Juncker was also asked on ARD whether banks would be “taken to task” further at this week’s Group of 20 summit in France. He responded, “I hope so.”

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