Overloaded with debt and facing a yawning deficit, Athens is seeking to borrow 25 billion euros from Beijing. What could be more symbolic of the new power of the East vis-à-vis the West?
As the symbol of ancient democracy is looking for cash, the symbol of modern democracy, the United States, is already deeply in debt to the Middle Kingdom. Indeed, in part it was the savings glut of Chinese reserves that helped inflate the mortgage bubble to the point of bursting. While Communist leader Nikita Khruschev blustered at the height of the cold war that the Soviet Union would bury the US economically, it was up to Beijing to extend it enough credit to hang itself.
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