European leaders recently went to China to ask for help with their bailout fund. Here's how this is a turning point in history. By ...
European leaders recently went to China to ask for help with their bailout fund. Here's how this is a turning point in history.
By Karn G. Bulsuk
The BBC recently reported that European leaders are seeking China's help to invest in a Eurofund bailout, to help debt-ridden nations such as Greece and Italy. This comes on the heels of threats by Moodys to downgrade more countries in the European Union, having recently pushed down ratings for Spain, Italy and Portugal.
While Chinese Premier Wen Jiaobao did not make any specific commitments to invest, this event marks a major historical event. The tables have turned, and marks the formal ascent of China back as a global power, having spent much of modern history in turmoil and strife.
Just 10 years ago, many would have never believed that the "first world" would have spent itself into a corner, and approach the "third world" for money.
It is a clear indicator of China's rise in the world - one which is not about to stop.
Photo credit: David Dennis
Photo credit: David Dennis
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