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Ding Yuanhong: The U.S. Should Stop Badmouthing the Euro

Ding Yuanhong, the former Chinese ambassador to the E.U., published an opinion article in Jiefang (PLA) Daily, which  Xinhua recently republished, asking the U.S. to stop badmouthing the Euro. The article hinted that the U.S. is plotting to destroy the Euro so that it can further solidify the dominance of the U.S. dollar.

The article said, “Since the European debt crisis started, the involvement and interference of the U.S. has been very obvious. The U.S.’s active involvement with its financial tools, the three big debt rating facilities adding fuel to the fire, and the media spreading and playing up the problems have further aggravated the crisis. The American company Goldman Sachs which is partially responsible for the Greek debt problem came to the front to disseminate the view that it is inevitable that the Euro will collapse within five years. Each time the E.U. Summit discussed how to handle the E.U. debt crisis, the three American debt rating agencies Standard and Poor’s, Fitch, and Moody were unusually active, downgrading the credit ratings of the related E.U countries, in order to shake market confidence in the Euro. Even former Greek Prime Minister Papandreou’s sudden announcement, just before the G20 Summit, that he would call for a referendum on the E.U. bailout program, was rumored to have happened after his U.S. visit. As a matter of fact, every person with clear eyes can see that the actions the U.S. has taken were intended to destroy the Euro and eliminate the Euro’s challenge and threat to the U.S. dollar’s dominant position.”

Source: Xinhua, December 23, 2011