CHINA IN CANNES

THE G20 WISHLIST FOR CHINA IN CANNES

China Daily, November 2, 2011

BRUSSELS - The stunning call by Greek Prime Minister George Papandreou of a national referendum on aid packages for the debt-laden country made the idea of a China rescue to the European crisis all the more appealling.

After hours of tough negotiations which dragged on to the early hours on Thursday, European leaders had hoped to be joined by heads of other world major economies at the G20 summit this week on an optimistic note.

They had some reasons to: they halved Athens' debt burden, bolster its bailout fund and laid down plans to shore up its banks, in their latest "comprehensive solution" designed to dispel the crisis that has crippled the single-curency zone for nearly two years.

It was the third such comprehensive package this year, each of its predecessors made the debt problem in the euro area even worse.

Nevertheless, the eurozone and markets alike briefly hailed the in-principle success of the European Union (EU).

In an upbeat statement, European Commission President Jose Manuel Barroso said Europe would show its partners in the G20 proposals for a "community way out of this crisis." He added, "We are ready to complete our monetary union with a true economic union."

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