法国总统萨科齐和中国国家主席胡锦涛要做的可能得超过单纯的握手而已。欧洲希望（并且需要）中国投资EFSF救助基金。
French president Nicolas Sarkozy and Chinesepresident Hu Jintao may have to do more than shake hands. Europe wants (andneeds) China to invest in the EFSF bailout fund.
纽约（CNNMoney） - 刚刚做爸爸的萨科齐，显然是希望从中国主席胡锦涛那里获得一份几千亿欧元左右的婴儿礼物。
NEW YORK (CNNMoney) -- New dad NicolasSarkozy is apparently hoping for a great baby gift from China president Hu Jintao.A couple of hundred billion euro or so should do.
萨科齐和其他欧洲领导人终于达成一项协议，削减希腊的债务负担，加强更广泛的欧盟救助基金和资产重组欧洲各地银行，而关注现在落到了谁将会为这个计划的大头而买单。
With Sarkozy and other European leaders finally reaching a deal to cut Greece's debt load, bolster the broader EU bailout fund and recapitalize the continent's banks, attention nowturns to just who will pay for much of the plan.
再次，世界希望中国来做救世主。
Once again, the world is hoping China will cometo the rescue.
欧洲最新的提议里最诱人的部分之一，是创建一个特殊的投资工具，能让主权财富基金投资在欧洲金融稳定设施（EFSF）救助基金。
One of the most tantalizing parts of Europe'slatest proposal is the creation of a special investment vehicle that wouldallow sovereign wealth funds to invest in the European Financial StabilityFacility (EFSF) bailout fund.
月初周四早上，在布鲁塞尔达成的债务处理之后，萨科齐与胡锦涛进行了电话交谈。我猜他们不可能是为了闲话家常而来扯淡的。
Sarkozy had a phone conversation with Hu afterthe debt deal was reached in Brussels early Thursday morning. I'm guessing theyweren't sharing war stories about late night changes of poopie diapers.
据中国新华社报道，两国领导人谈论更多的方式一起工作来推动全球经济增长。但是没有提到中国被要求购买EFSF债券。
According to a report from Chinese news agency Xinhua, the two leaders spoke about more ways to work together topromote global growth. But there was no mention of China being asked to buyEFSF debt.
尽管如此，看起来萨尔科奇不会是欧洲唯一向中国表明急需资金的官员。Klaus Regling，EFSF首席执行官，说规划在未来几天有一个中国之旅（当然也可能是日本），以满足潜在投资者。
Still, it looks like Sarkozy won't be the onlyEuropean official making a pitch to China for much-needed funding. KlausRegling, the CEO of the EFSF, is said to be planning a trip to China (and possiblyJapan as well) in the next few days to meet with potential investors.
为什么你应该担心欧洲
Why you should be worried aboutEurope
推动亚洲各国央行在欧洲更多地投资非常有意义。原因之一，对于中国和日本来说，欧盟是主要出口市场。在任何国家的最佳利益前提下，都不应该让欧洲更深地陷入经济泥沼。
The push to get Asian central banks to investmore in Europe makes perfect sense. For one, the EU is a key export market forboth China and Japan. It is not in the best interests of either nation to letEurope sink even deeper into an economic morass.
日本和相比较而言投资较少的中国，已经在EFSF投资了。据EFSF，日本持有大概迄今为止由EFSF发行债券的20％。中国的投资没有特别数据表明，但“亚洲国家（日本除外）”也是被列为EFSF巨大的投资方。
Japan, and to a lesser extent China, have alsoalready invested in the EFSF. According to figures from the EFSF, Japan ownsabout 20% of the bonds issued by the EFSF so far. There are no specific figuresfor China but "Asia-ex Japan" nations are listed as sizeableinvestors in various EFSF issues as well.
因此，作出进一步的投资可能只是是便士或者英镑。如果愿意欧元也成。
So making further investments may be merely acase of being in for a penny and in for a pound. Or euro if you will.
EFSF可能也将是一个美国债券不错的替换。 中国日本是美国债务的两个最大的债权外国持有者，分别拥有1.14万亿美元和9,370亿美元国债。
The EFSF may also be a compelling alternativeto U.S. Treasuries. Chinaand Japan are the two largest foreign holders of Uncle Sam's debt, owning $1.14trillion and $937 billion in Treasury bonds respectively.
中国并没有掩饰自己因为这个夏天美国在国会的债务上限闹剧而被激怒，以及这如何影响了中国的投资。中国也为联邦政府两轮的量化宽松政策和扭曲操作使得美国汇率接近
历史低点而不高兴。
China has made no secret of its irritation withthe U.S. regarding the debt ceiling drama in Congress this summer and how thathas impacted China's investments. China also can't be thrilled that the Fed'stwo rounds of quantitative easing and Operation Twist have left interest ratesnear historic lows.
而EFSF债券有从所有主要的信用评级机构获得的AAA级认可 - 不像美国
And the EFSF bonds have the Triple A stamp ofapproval from all the major credit rating agencies -- unlike the U.S.
不过，专家说，中国（或其他主权财富基金）是否将对EFSF下大注，还未可知。
Still, experts said it's not a given that China(or other sovereign wealth funds) will make a big bet on the EFSF.
圣地亚哥LPL金融公司的固定收益投资策略家，安东尼-瓦列里说：“要先打一个大问号，中国和其他国家将很可能参与进来，但不明确，这里存有一些怀疑。”
"This is a big question mark goingforward. It's probably likely that China and others will participate, but it'snot definite. There is some skepticism," said Anthony Valeri, fixed income investment strategist with LPL Financial in San Diego.
瓦列里说，而中国抱怨美国面临许多的财政挑战，中国认识到，没有不管标准普尔可能会说，国债比欧洲债券依然是一个更好的选择。
Valeri said that while China does complainabout the many fiscal challenges facing the U.S., China realizes that no matterwhat Standard & Poor's might say, Treasuries are still a better horse tobet on than European bonds.
“中国还需要很多才能信服EFSF债券对他们是具有吸引力的选择。截止今天，国债仍然能满足其作为安全投资的需求，”他说。
"China will need a lot of convincing thatEFSF bonds are an attractive option for them. At the end of the day, Treasuriesmay still suit their needs as a safe haven investment," he said.
巴西降低汇率。中国会是下一个吗？
Brazilcuts rates. Is China next?
Bhaskar Chakravorti，塔夫茨大学弗莱彻学院国际商业和金融专业高级副院长，补充道，中国和其他主权财富基金拥有复杂的目标。 他们有政治利益以及金融动机。这可能让谈判变得困难。
And China and other sovereign wealth funds havecomplicated objectives, added Bhaskar Chakravorti, senior associate dean ofInternational Business and Finance at The Fletcher School at Tufts University.They have political interests as well as financial motives. That could makenegotiations difficult.
“欧洲的这场华丽的决赛道路上布满了坑洼，中国仍将可能十分谨慎，并且在经济和政治上同时需求很多”他说，“我敢肯定，德国将不怎么高兴。”
"The road to a beautiful end game inEurope is paved with potholes. The Chinese will still probably be quitecautious and demand a lot both economically and politically," saidChakravorti. "I'm sure that Germany will not be thrilled about that."
但是，Momentum 贸易伙伴公司的合作伙伴，纽约的一个独立经纪交易商，Lionel Mellul认为，中国最终会作出投资。
But Lionel Mellul, co-partner with MomentumTrading Partners, an independent broker-dealer in New York, thinks Chinaeventually will make an investment.
尽管如此，他并不认为这必定是个好消息。 Mellul认为，这是一个标志，它显示出欧洲领导人们对意大利和西班牙可能也会像希腊，葡萄牙和爱尔兰那样需要救助问题上，有多么悲观，多么神经质。
Still, he doesn't think that this isnecessarily great news. Mellul argues that it's a sign of how desperate Europeis and how nervous leaders are about the possibility that Italy and Spain mayalso need bailouts like Greece, Portugal and Ireland did.
“它只是显示了，情况在欧洲有多糟，他们不得不尝试与中国敲定一个协议。欧洲需要亚洲参与到这项工作中来，”他说。
"It just goes to show how bad thesituation is in Europe that they are forced to try and strike a deal withChina. Europe needs Asian participation for this to work," he said.
这意味着，中国和其他潜在投资方有讨价还价的杠杆。 Mellul说，打个比方，中国可以使任何对于EFSF的购买变得不确定化，用以获取更有利的贸易协议。
And that means that China and other potentialinvestors have the bargaining leverage. Mellul said China could make any EFSFpurchases contingent on more favorable trade deals, for example.
“中国可能会参加，但问题是，是以什么为代价呢？”他说。
"China will probably participate, but thequestion is at what cost?" he said.
CNN的Jaime FlorCruz在北京这个故事。
CNN's Jaime FlorCruz in Beijing contributed to this story
在这篇评论中所表达的意见仅为PaulR. La Monica个人所有。除了时代华纳，CNNMoney的母公司和雅培公司以外，PaulR. La Monica没有持有任何一只股票。
The opinions expressed in this commentary are solely those of PaulR. La Monica. Other than Time Warner, the parent of CNNMoney, and AbbottLaboratories, La Monica does not own positions in any individual stocks.
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