Rescue fund head seeks Beijing support in helping to resolve crisis

THE head of Europe’s bailout fund sought financial support from China yesterday to help resolve the bloc’s debt crisis, saying that while no quick deal was in sight, he was still confident Beijing would keep buying bonds issued by the fund.

Klaus Regling, head of the European Financial Stability Facility (EFSF), was in Beijing for talks with Chinese officials a day after eurozone leaders struck a hard-fought accord on the two-year crisis that has left Italy and Spain under market pressure.

After the European summit in Brussels reached agreement in the early hours of Thursday, French President Nicolas Sarkozy immediately sought financial help from China, saying Beijing had “a major role to play”.