In fact, German opposition to Draghi’s initiative was fierce.56 Some insiders are convinced that it was not until the German government’s joint meeting with its Chinese counterparts on August 30 that Merkel and Schäuble were finally committed to backing the ECB’s initiative and holding Greece in the currency zone.57 Chinese prime minister Wen Jiabao certainly made clear that he held the major European countries, Germany and France, responsible for the destiny of the eurozone and that continued Chinese purchases of European bonds depended on their taking effective action.
