Arab Today, arab today italy turns to china for help in debt crisis
Last Updated : GMT 21:17:01
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Italy turns to China for help in debt crisis

Arab Today, arab today

Arab Today, arab today Italy turns to China for help in debt crisis

London - Qna

The Italian government is turning to cash-rich China in the hope that Beijing will help rescue it from financial crisis by making \"significant\" purchases of Italian bonds and investments in strategic companies. According to Italian officials, Lou Jiwei, chairman of China Investment Corp, one of the world’s largest sovereign wealth funds, led a delegation to Rome last week for talks with Giulio Tremonti, finance minister, and Italy’s Cassa Depositi e Prestiti, a state-controlled entity that has established an Italian Strategic Fund open to foreign investors, reported The Financial Times Tuesday. Italian officials were in Beijing two weeks ago to meet CIC and China’s State Administration of Foreign Exchange (Safe), which manages the bulk of China’s $3,200bn foreign exchange reserves. Vittorio Grilli, head of treasury, met Chinese investors in Beijing in August. Italian officials said further negotiations were expected to take place soon. The possibility of Chinese investment comes at a critical moment for Italy, as markets demand increasingly high yields to buy Italian public sector debt, projected to reach 120 per cent of GDP this year, a ratio second only to Greece in the eurozone. European analysts were cautious over the outcome of talks. Despite Beijing’s numerous expressions of confidence in the creditworthiness of countries such as Greece and Portugal analysts say Chinese purchases of peripheral European debt have been relatively small. How much of Italy’s ?1,900bn of debt is already held by China is unclear, though one Italian official told the FT that Beijing held about 4 per cent. Italy’s debt crisis has forced the government to consider possible sales of strategic stakes in companies such as Enel, the Italian power utility, and Eni, the oil and gas multinational.  

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