Europe Begs China for Bailout

In what is perhaps China's biggest opportunity to play a major role in the global economy, European leaders have opened talks with the Asian nation about investing huge sums to help salvage the euro. China is expected to demand major concessions to participate, including financial guarantees and trade policies the Chinese see as discriminatory. The Chinese vice finance minister said he was waiting to hear more specifics of the plan; meanwhile, the head of the euro's emergency fund met with Chinese officials Friday, and said he didn't expect a deal to be reached any time soon. But economists say the fact that Europe has turned so boldly to China for help is a "tectonic shift" in global financial power.