European leaders fail to agree on a common strategy for the financial crisis
In the course of the Paris summit much criticism was made of the US as the source of the banking and finance crisis, but the assembled European leaders were unable to present any viable coordinated strategy to abate the growing financial storm engulfing European banks.
The only concrete proposal to emerge from the meeting was the establishment of a 15 billion euros fund to help small businessmen. Vague resolutions were adopted for a relaxation of European financial targets and new regulations to rein in the excesses of speculators, and an appeal was issued for a global summit to discuss the crisis. Plans proposed last week for a European bailout fund failed to appear on the summits agenda.
French President Nicolas Sarkozy called the meeting on Saturday, at short notice, following the collapse of a series of large European banks.
Just over a week ago, European governments and private banks bailed out no less than five major banksGermanys Hypo Real Estate, Britains Bradford & Bingley, the Dutch-Belgian Fortis group, the Belgian Dexia bank and one of Icelands biggest banks.
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