China Says EU Debt Agreement Helps Stop Crisis From Spreading

The resolution reached by European leaders to increase the leverage of the European Financial Stability Facility is “important” as it will help create a firewall that stops the crisis from spreading, Vice Chinese Finance Minister Zhu Guangyao said at a conference in Beijing today.

“More importantly” is for European leaders to transform their policy consensus into action and to really “convince the financial market,” Zhu said. He called on European officials to “work hard” and to make “serious” efforts to implement their agreement.

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