China Vice Finance Minister: Hope Greece Can Form Stable ... - Wall Street Journal

        By Aaron Back      

LOS CABOS, Mexico (Dow Jones)--Chinese Vice Finance Minister Zhu Guangyao said Sunday that China hopes Greece can form a stable government following its elections.

"In the coming days a new (Greek) government has to be formed. We hope this new government will be on a solid footing," he said at a press briefing on the sidelines of the Group of 20 Nations summit in Los Cabos, Mexico.

China also hopes that Greece will work with the "troika" of the European Commission, the International Monetary Fund and the European Central Bank to stabilize Greek financial markets and help the Greek government return to capital markets, he added.

China, he said, hopes that Greece will remain in the euro zone.

Mr. Zhu also said that China, along with the other "BRICs" nations of Brazil, Russia and India, will likely announce their contribution to the IMF's fundraising at the current G20 summit.

During the IMF's campaign to raise additional funds in April, China made a general commitment to participate, but along with other BRICs nations didn't announce a specific contribution amount. The BRICs nations urged developed nations to speed up their implementation of previously agreed-to quota reforms that would give developing nations greater voting rights at the IMF.

Mr. Zhu suggested that the contribution from BRICs nations may be more than anticipated, saying the total new resources could be greater than the $430 billion announced by the IMF in April. This figure included the explicit pledges of several nations, as well as some unspecified contributions from the BRICs nations.

-Write to Aaron Back at aaron.back@dowjones.com