Meanwhile...

...the Paper Dragon continues to play princess. Which suitor will I allow to court my reserves? The U.S. or Europe? The entire play is silly and China would be foolish to count on the Euro area as being "growth engine" (read "purchaser of Chinese goods"), to say nothing of the geo-political ramifications by angering U.S. policy makers.

The language of China's willingess to "help", as if adherance to some moral code of global health enters any of their calculations, is LOL.

June 21 (Reuters) - China is willing to help European countries realise stable economic growth, China's Foreign Ministry said on Tuesday ahead of a visit by Chinese Premier Wen Jiabao to Hungary, Britain and Germany this week.

"The Chinese government has already taken a series of proactive measures to push Sino-Europe trade and economic cooperation, such as buying euro bonds," ministry spokesman Hong Lei told a regular news briefing when asked about China's view of the Greek debt crisis.

"China is willing to continue helping European countries realise economic growth in a stable manner through cooperation with relevant countries," he added, without elaborating.

Wen's latest visit to Europe from June 24 to 28 will come months after he visited France, Portugal and Spain, and offered to help European economies overcome their debt-driven crises.