SPIV vs SAFE

I read Zero Hedge every day. Therefore, when I saw a newspaper story beginning

A global credit crisis was averted yesterday

my first thought was, "No, it wasn't averted". (Unless "averting a crisis" now means "delaying a crisis".)

The article also says

a rescue package for Greece and the euro common currency that is likely to involve China and other developing countries helping to prop up the European economy

As various Chinese commentators have remarked, it would be absurd for a country with the per capita income of China to bail out a country with the per capita income of Greece. So either it's not going to happen (after all, it's just "likely" to happen, which could mean that it's not going to happen but it's politically convenient to pretend that it might), or China will get some concrete return on its contribution, like majority ownership of Western civilization.