Greece’s unexpected decision to hold a referendum on the euro-zone’s proposed bail-out has been a gift horse for China as it gives Beijing even more time to get the rest of the world used to the fact that it will be chipping in no more than a widow’s mite at best. China’s contribution to the euro-zone’s would-be 1 trillion euro bail-out fund, the European Financial Stability Facility (EFSF), has always been more likely to be more token than substantive, regardless of any wishful thinking on the part of China’s largest trading partner. Now, says deputy finance minister Zhu Guangyao, speaking ahead of the G-20 meeting in Cannes, “the fund has not established details of its investment options so we still can’t talk about the issue of investing”. The head of the fund, Klaus Regling, was in Beijing last weekend with his collection tin, but went away empty handed for reasons outlined here. Beijing is no more willing than Berlin, Brussels or Paris to take on the risks of loss. Why should anyone be surprised otherwise?