Don't bet on China saving the eurozone

When in doubt, call the Chinese. The superpower-in-waiting has become the global lender of last resort. If no one else will recapitalise your bankrupt bank, or buy bonds from your hopelessly indebted country, you can always put in a call to China. A report in the FT that Italy had done precisely that, inspired a late rally in the euro last night, not to mention a last-minute recovery in the Dow Jones. But even if the rumour is true, we wouldn't be piling into Europe just yet. Here's why.