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Beijing looking at Greek eurozone exit (2)

By Lan Lan, Chen Jia and Oswald Chen (China Daily)

08:34, June 05, 2012

Chinese banks should supply credit for Chinese companies when European banks are in trouble, Liu said.

Keeping a close eye on lending is crucial, said Wang Haifeng under the NDRC.

The Greek case is a warning for Chinese banks to pay attention to their lending, especially to local debt platforms.

Buiter said Greece is likely to start sovereign debt restructuring this year or next. It is also possible, he said, that the European Union may launch a bank-restructuring fund to directly inject capital into banks bypassing governments.


Some Chinese companies have yet to see any impact on their business in Greece. China Ocean Shipping (Group) Company, the largest State-owned shipping conglomerate in China, said it had not yet adopted "specific measures" against Greece's possible exit from the eurozone.

In 2008 the company signed a $4.2 billion-euro ($5.3 billion) contract to operate Greece's Piraeus port, the biggest container port in the country, for up to 35 years.

Hong Kong

Hong Kong's economy could be hit hard by a Greek exit from the eurozone, the region's financial secretary John Tsang told the city's legislators on Monday.

"Being a small and open economy, Hong Kong must prepare itself for the challenges brought about by the rapid deterioration of the macroeconomic environment globally."

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