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Brown urges Europe to copy British bank rescue plan
Oct 12, 2008, 9:01 GMT
French President and current European Union President Nicolas Sarkozy (L) greets British Prime Minister Gordon Brown (R) at Elysee Palace, Paris, France, 12 October 2008, ahead of a financial crisis summit gathering Eurogroup heads of state and government, European Commission chief Jose Manuel Barroso and the president of the European Central Bank, Jean-Claude Trichet. EPA/LUCAS DOLEGA
London - Ahead of Sunday's vital EU summit in Paris to deal with the global financial crisis, British Prime Minister Gordon Brown has called for the adoption of bank rescue plans across Europe similar to the 500-billion-pound scheme unveiled in London last week.
In an article in the Sunday Mirror newspaper, Brown wrote 'today I am going to Paris to persuade other European countries to adopt the comprehensive approach we have taken in Britain. For Europe, the stakes could not be higher and this is a moment of truth.'
Brown also called for international cooperation to solve the crisis. 'No country - not even the biggest - can make it just on their own at a time like this,' he said.
'We are all in it together and have to work to solve it together.'
Brown's bank rescue plan involves a government guarantee for loan transaction between banks and government acquisitions of bank shares.
The British prime minister is due to meet with the leaders of 15 European states in Paris on Sunday to discuss ways to guide their economies out of turmoil.
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Older Talkback
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It will work for a short time, but then it will fail as well.
page: 1
lanceOct 12th, 2008 - 22:09:04
Ah! I get it. Banks in one time zone lends money to banks in the next time zone just in time for the opening bell. And around the world it goes in a big circle until it repeats itself over and over. That way no bank runs out of money!
Ingenious! A new twist on the pyramid game. Lets call it the circle game, or more accurately: The sphere game!
The con artists do it again! A new con every day!
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