EU’s Barroso says China still confident in euro as negotiators work toward Greek bailout deal
By APFriday, April 30, 2010
EU chief says China still has confidence in euro
BEIJING — European Commission President Jose Manuel Barroso said Friday that Chinese leaders still have confidence in the euro, despite a plunge in the European currency’s value as negotiators work toward a financial bailout for Greece.
“I don’t think China is lacking confidence in the European Union or the euro,” said Barroso after meeting with China’s premier and other officials.
Barroso said Chinese authorities did not raise any specific concerns about the euro. Beijing keeps a portion of its $2.5 trillion in foreign reserves in assets denominated in the European currency.
Chinese leaders have refrained from commenting publicly on the European crisis or its possible effect on the euro, but Barroso said, “They are following the issue.”
Barroso said European negotiators are close to reaching agreement on a bailout for Greece and he expects results “very soon.”
“There is no doubt that Greece’s needs will be met in time,” Barroso said.
European officials have been assuring markets they are working quickly on approving a bailout for Greece as they try to keep the country’s debt crisis from dragging others into a continent-wide financial meltdown. Some analysts warn that Greece, which says it needs a bailout to pay euro8.5 billion in bonds due May 19, might have to drop out of the euro-zone.
