Help Us Out, Europe Begs China: Desperate Euro Chiefs Look East To Fund Huge Bailout Gamble -- Daily Mail
* Further embarrassment as one trillion euro bailout fund announced yesterday does not really exist
Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive.
In a clear sign of how the balance of world power has tipped towards the East, EU leaders hope China can be persuaded to hand over huge sums to help bail out the eurozone.
In a further embarrassment, it emerged that the one trillion euro bailout fund announced in the early hours of yesterday does not really exist.
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My Comment: It is bad enough that there is no money in the fund .... what is even more worse is that there is no commitment from problem countries like Greece, Italy, Spain, etc to balance their budgets in order to avoid this debacle from repeating itself in the next year or two.
To say that this is unbelievable .... especially after yesterday's massive gains on the stock market .... now that is an understatement. Therefore .... to save face .... someone has to be found to pony up the money.