BEIJING, Cn. – The dire economic crisis in Greece reached its conclusion today after China announced it had used a recent debt maintenance payment from the United States to purchase the southeastern European country for 201.6 billion Euros, or $225 billion, thereby eliminating Greece’s loan obligations to the European Central Bank.
The purchase brought some stability, albeit temporarily, to the country’s struggling economy today as banks reopened following a transfer of roughly 95 billion Euros from Beijing to the Greek banking system. “This is only the beginning,” said China’s Premier Li Keqiang. “In one month’s time we will hold elections to replace the current government in Athens.” Li said a diplomatic envoy is en route to Greece to assist with the transition process and vet potential candidates.
Top officials from China’s Ministry of Commerce met with members of the European Union today to discuss the resolution of Greek’s debt, which China hopes to resolve by August in time for the new elections. Greek Prime Minister Alexis Tsipras will remain in office, though only as an “adviser” to Chinese diplomatic officials, until July 30th, according to Li. However, the Hellenic Parliament is set to be dissolved in the coming weeks.
“Very little will change in the daily lives of the Greek people,” Li said. “It is not China’s intention to ‘occupy’ Greece by any means. We hope to maintain a relationship similar to our alliance with Hong Kong.” The Premier said Greeks can expect high unemployment rates to plummet by late 2015 following the construction of several industrial chemical production facilities, which China will provide as a “gift to the people of Greece, free of charge.”
The United States condemned China’s decision to purchase Greece, with President Obama calling the move “a flagrant violation of international law.” The United States has been at odds with China over its aggressive and, according the the U.S., “illegal” territorial and military expansion in the South China Sea.