No reason to refuse Chinese capital in saving euro: Sarkozy

27th October 2011, Comments 0 comments

French President Nicolas Sarkozy said Thursday that Chinese capital was not essential to saving the eurozone from the debt crisis but that there was no reason to refuse Chinese assistance.

"If the Chinese, who have 60 percent of global reserves, decide to invest in the euro instead of the dollar, why refuse?" he said in national television interview, adding that "our independence will in no way be put into question by this."

"Why would we not accept that the Chinese have confidence in the eurozone and deposit a part of their surpluses in our funds or in our banks? Would you prefer that they deposit in the United States," he said.

European leaders were soliciting help from China to underpin new plans to save the euro agreed at a eurozone summit on Thursday.

Sarkozy had earlier held a telephone call with Chinese counterpart Hu Jintao just as the chief of the European rescue fund was flying to Beijing for key talks on a bid to raise the fund into a trillion-euro warchest.

Hu had told Sarkozy that he hoped a deal struck at a eurozone summit in the early hours of Thursday would stabilise financial markets.

© 2011 AFP

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