China notes problems, but backs the euro

July 8, 2011 at 2:11 PM
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BRUSSELS, July 8 (UPI) -- China's ambassador to the European Union said efforts to bailout Greece showed issues "not yet … resolved," but said risk came with the territory.

"Despite the recent payment of $17 billion by the European Union and the International Monetary Fund, some of the fundamental problems in Greece have not been resolved," Ambassador Song Zhe told a press briefing in Brussels.

"People are still discussing if there will be a restructuring (of Greek debt) or a default. Obviously, a restructuring would have much smaller negative consequences," he said, the EUobserver reported Friday.

But Song reiterated China's position saying it would continue to invest in European debt. China, he said, hasn't any "suspicious" motives for doing so.

"We can build stronger trade ties only by investing in a sound EU economy," he said.

"We hope in this way to bring back the stability of the euro so that in the future we can move ahead more smoothly."

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