Leaders of Europe's four biggest economies have agreed to work together to support local banks that are threatened by the current global financial turmoil but will not form a joint bail-out fund. The leaders of Germany, Britain, Italy and France, which currently holds the EU's rotating presidency, made the announcement at the end of an emergency mini-summit in Brown set to carry out reshuffle ...
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France had floated the idea of a 300-billion-euro European fund to rescue troubled banks. In a press conference broadcast on French state TV, German Chancellor Angela Merkel said she did not want Germany to commit taxpayers money to such a fund. British Prime Minister Gordon Brown said EU nations were trying to work together as much as possible. The summit comes ahead of the Group of Eight meeting of finance ministers in Washington next week.
(Deutsche Welle)
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