China Can't Cure Europe's Financial Woes

The world is counting on China to cure every other country's debt binge, but China isn't so sure.

China, holder of the world's largest foreign exchange reserves at $3.2 trillion, said it wanted more clarity before investing. (in Europe)

The official Xinhua news agency, used to communicate Communist Party policy, said Europe must address its own financial woes. "China can neither take up the role as a saviour to the Europeans, nor provide a 'cure' for the European malaise," it stated. "Obviously, it is up to European countries themselves to tackle their financial problems."

See it here;  http://www.telegraph.co.uk/finance/financialcrisis/8858816/China-warns-it-cannot-cure-eurozones-debt-crisis.html

What??  It's up to everyone else to solve their own problems??  That might take time and sacrifice.  Who ever heard of such a thing?  How is that going to work to bring back all of our economies that are 70% dependent on people buying more stuff?  Does China really think we should pay our own debts?....that sounds almost UnAmerican.