The head of the eurozone's bailout fund is beginning attempts to persuade China to invest in a scheme to help rescue member countries facing debt crises.
After meeting Chinese leaders, Klaus Regling said there were no formal negotiations and would be no deal now.
It is thought China may pay about 70bn euros ($100bn) into the fund, which is expected to be boosted to 1tn euros.
Meanwhile French President Nicolas Sarkozy said debt-ridden Greece's entry to the eurozone was a mistake.
Greece was "not ready" when it joined in 2001, he said, adding that it could be rescued thanks to a new deal on the debt crisis.
European leaders worked into the early hours of Thursday in Brussels to secure an agreement aimed at preventing the crisis from spreading to larger eurozone economies.
The deal triggered a worldwide shares rally.
'Regular buyer'Beijing has made it clear that it will demand strong guarantees on the safety of any contribution it might make.
Analysis
While the head of the fund, Klaus Regling, described this as a regular meeting, it is being seen as the start of a process which could yield an agreement.
With vast reserves, Beijing is certainly in a position to invest but like any other investor China will want to make sure its money is safe.
In the past, overseas investments made by China's sovereign funds have soured leading to criticism back home.
Mr Regling, who is chief executive of the European Financial Stability Facility (EFSF), said he was not negotiating with China as a potential investor but holding consultations to decide the terms for raising the money.
"Don't expect any precise outcome of our talks," he said, quoted by AFP news agency.
He said China had been a regular buyer of EFSF bonds in the past.
He would present the fund's bonds as a potential commercial investment to China, he said, adding that Beijing regularly needed to find safe investments for its trade surpluses.
"I am optimistic that we will have a longer term relationship," he said.
The President of the World Bank, Robert Zoellick, has said he believes China will invest in Europe only if there are incentives for it to do so.
Interview with Robert Zoellick on China and the eurozone debt crisis
"I don't think that China will just come in as a white knight to try to provide money just to bail out Europeans," he told the BBC.
But investor Jim Rogers said China was prepared to help.
"From China's point of view, it's cheap foreign aid. They'll buy goodwill. I guess they'll put up some money," he said on BBC Radio 4's Today programme.
The main provisions of Thursday's deal are:
- Banks holding Greek debt are to accept a 50% loss
- A new mechanism is to boost the EFSF
- Banks must also raise more capital to guard against losses resulting from any future government defaults
The framework for the new EFSF bailout fund is to be put in place in November.
Germany, as the largest economy in eurozone, is expected to be the largest contributor.
Asian markets rose for a second day on Friday following gains in the US and Europe after the deal was reached.
Source: http://www.bbc.co.uk/go/rss/int/news/-/news/world-europe-15489202
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