ThatBritGuy:

It's obvious that nation states are no longer able to act as sovereign entities. Even when pols understand what's happening, and don't choose to be complicit with it, there's very little individual governments can do.

Spain's Zapatero gets Chinese investment pledges | Reuters

China will continue to buy Spanish debt and will help to fund a restructuring of its savings banks, a Spanish government source said after Chinese Premier Wen Jiabao met Spanish Prime Minister Jose Luis Rodriguez Zapatero in Beijing.

The figure being thrown about in the Spanish press is €9bn to recapitalize the Cajas and an unspecified amount of debt. Wen Jiabao is quoted calling Spain "China's best friend in Europe".

Economics is politics by other means