China has promised to buy bonds in order to stabilize the Greek economy. China holds unpresedented political and financial clout, to the extent that they are bailing out both the US and the EU. http://www.dw-world.de/dw/article/0,,6069926,00.html
There are two sides of the coin though. What will happen is that the value of the Euro to the Yuan will increase even further, making it even cheaper to buy Chinese goods, hence disrupting manufacturing in Europe even further. The value of the yuan is already artificially low since the Chinese government wants it that way - remember they're the factory of the World.