Belarus.
Rather than bailing out Italy as markets hoped last week, China gave a $1 billion loan to Belarus, along with grants and building contracts, according to the AFP:
A statement said Wu Bangguo also announced agreements to build a communications satellite, a paper factory and a hotel in Minsk in a meeting with leading members of the Belarus parliament.
"The Chinese government has taken the decision to accord Belarus a preferential loan of one billion dollars for the realisation of joint projects, as well as a grant of 70 million yuans," the statement quoted Wu as saying.
He also said China gave Alexander Lukashenko's iron-fisted regime full backing for its stance on domestic and international questions and its resistance to foreign meddling.
Giving money to this hyperinflation-suffering Eastern European dictatorship will have little impact on markets. The IMF has refused to offer money to Belarus until the country agrees to reforms. Instead China buys favors and contracts in a poor country, as they have done in developing nations around the world.
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