This content is not available in your region

No quick deal with China: Euro bailout fund chief

No quick deal with China: Euro bailout fund chief
Text size Aa Aa

The head of the euro zone bailout fund on Friday ruled out a quick deal with China on buying more of its debt.

EU leaders agreed on Wednesday to increase the firepower of the European Financial Stability Facility. It is hoped Bejing will stump up some of the money.

EFSF Chief Executive Klaus Regling said talks were still in their early stages.

“There are no negotiations going on. This are regular consultations at an early phase and there would be no conclusion certainly today,” he told reporters on a visit to Beijing.

The EFSF, set up last year, is a 440-billion-euro fund designed to rescue the euro zone bloc’s indebted economies.

It raises capital by selling bonds.

The details are still to be worked out but the fund is expected to be increased to one trillion euros.

China has already bought some EFSF bonds but it has not said publicly that it will provide any further investment.