European lawmakers are discussing potential intervention with the International Monetary Fund over providing direct line of credit through the rescue fund, while China considers providing support for Europe to overcome the debt crisis and relieve global markets.
The European Financial Stability Facility (EFSF) chief executive officer, Klaus Regling said that the rescue fund could start a special purpose vehicle with the International Monetary Fund (IMF); however, the creation would require approval by the organization's executive board.
On the other hand, the Chinese vice finance minister, Zhu Guangyao said that Chinese support to Europe is under discussion, but explained that China needs more information regarding the European plan.
After European leaders moved to contain the debt crisis by imposing 50% hair cuts on Greek bonds and expanding the EFSF firepower to one trillion euros, Europe looks to China for support, as China could affect the IMF to contribute.
Sarkozy's office said in a statement, that the President held talks with his Chinese counter part in a phone call, where both agreed to cooperate closely to maintain global stability and support growth. Klaus Regling said that China has not required any condition to buy bonds from EFSF, noting that Asian countries bought around 40% of the EFSF bonds.
The BRICS (Brazil, Russia, India, China and South Africa) explained in a statement released earlier during September that they are open and ready to support the global financial stability through IMF.