The hope that the sovereign debt crisis would be solved at the reunion of the heads of the EU states, one week from now, was shot down by Angela Merkel, German chancellor, whose spokesperson, (Steffen Seibert) said yesterday, in a press conference in Berlin: "Dreams that everything will be resolved and dealt with by next Monday [n.n. - through financial aid measures for Greece and other countries], cannot be fulfilled".

The reunion which was initially scheduled for October 16th and 17th, was postponed until Sunday (October 23rd), claiming that lawmakers need more time to come up with the final, the be-all and the end-all solution, of the crisis of which the main target is Greece, followed by the need to ensure the security of the European banking system and finally, the prevention of the spreading of the sovereign debt crisis to Italy and Spain.

Last weekend, at the G20 reunion in Paris, the finance ministers and the governors of the central banks had approved parts of the emergency plan intended to avoid the default of Greece and the contagion curve, as well as to enact measures intended to strengthen banks.

The responsibility for the full plan was left to the EU Reunion to be held at the end of this week.

All these good intentions, combined with the rumor launched by the "Sunday Times" that China had secretly expressed its willingness to put tens of billions of Euros in the Eurozone, in exchange for acquiring infrastructure elements in the "afflicted" countries, have fueled the hopes of avoiding the European collapse, brought about by the recent downgrades of Italy, Spain and of tens of European banks, by ratings firms.

"China wants to be sure that Europe knows the size of the hole and that it won't get any bigger before they agree to fill it", a Chinese source of the delegation which attended the G20 reunion allegedly said.

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