Buying eurobonds, even if they are backed by the AAA-rated European Financial Stabilization Fund, may be a less attractive proposition than buying assets. A significant element in the new Greek austerity plan will be privatization; Italy and other nations may have to follow suit.
Both private and state-owned Chinese companies, flush with cash, are more likely to be interested in snapping up distressed assets that will bring tangible business benefits and future profits, than the Chinese government is in buying bonds at a very volatile moment.
