The outgoing European central Bank, ECB, president, Jean-Claude Trichet, has said that it is absolutely normal for the European rescue fund to try to find more money. The president of the European Central Bank has denied that eurozone countries are going cap in hand to China. On the eve of his departure from the ECB's top job, Jean-Claude Trichet said the move was absolutely normal.The head of the European Financial Stability Facility (EFSF) has been meeting Chinese officials in an effort to boost the bailout fund. Mr. Trichet hands over the reins of the ECB to the Italian central banker, Mario Draghi, tomorrow.Klaus Regling, chief executive of the EFSF has travelled to Beijing where he is reportedly seeking a pledge of 100 billion dollars from China.China's President Hu Jintao arrived on Sunday in Vienna for a state visit, before the crucial G20 meeting in the French resort of Cannes on 3 and 4 November.Mr. Hu's visit to Europe, his second in a year, comes after EU leaders last week appealed to China to invest in the region's debt rescue fund, to help it overcome a spiralling debt crisis.But China's Vice-Finance Minister Zhu Guangyao played down hopes of a breakthrough at the G20 summit, insisting investment in the European bailout fund was not on the agenda.
News On AIR | October 31, 2011 5:13 PM