Eurozone seeks bailout funds from China

City A.M. Reporter
The head of the eurozone's bailout fund has launched a bid to convince China to invest in a scheme to help rescue member countries facing debt crises.

Klaus Regling said there were no formal negotiations and would be no deal now but met with Chinese leaders and broached the subject.

It is thought China may pay about 70bn euros ($100bn) into the fund, which is expected to be boosted to 1tn euros.

Meanwhile French President Nicolas Sarkozy said debt-ridden Greece's entry to the eurozone was a mistake.

Greece was "not ready" when it joined in 2001, he said, adding that it could be rescued thanks to a new deal on the debt crisis.