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| Today: 09 February 2010 Time: 10:25 PM |
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| Sarkozy convenes Summit to discuss financial markets crisis |
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| Economics 10/2/2008 1:36:00 PM |
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PARIS, Oct 2 (KUNA) -- French President Nicolas Sarkozy, who also currently
presides the European Union, is hosting a Summit meeting here Saturday of five
major European nations to discuss the ongoing financial crisis on
international markets, Sarkozys office announced Thursday.
In addition to the French leader, the meeting will bring together British
Premier Gordon Brown, German Chancellor Angela Merkel, Italian Prime Minister
Silvio Berlusconi, as well as the Prime Minister of Luxembourg Jean-Claude
Juncker.
Senior officials from the European Union Commission, like President
Jose-Manuel Barosso will also attend, as will the President of the European
Central Bank (ECB), Jean-Claude Trichet.
"This Summit aims to prepare the contribution of European members of the G8
to the next meeting of this body that will be devoted to the international
financial crisis," a statement from the French Presidents office indicated.
Major European nations have been acting in concerted fashion this past week
to prevent the bankruptcy or threat of bankruptcy to certain major companies
because of the financial crisis that has also devastated the financial sector
in the United States, mainly due to bad housing loans that have defaulted.
Some troubled European companies have been bought out and others partially
nationalized by governments, notably local financing and investment entity
"Dexia," which was saved by action on the part of Holland, Belgium and
Luxembourg, which took a 49 percent stake in the company. France also provided
funds for a bailout of "Dexia."
The ECB and many other major Central Banks and the US Federal Reserve have
injected hundreds of billions of dollars into the markets to prevent credit
availability drying up, thus putting the squeeze on businesses and consumers.
It is unclear if the major European powers are going to propose a plan to
bailout other companies or establish a fund for this purpose as is being
attempted in the United States.
But on Wednesday, the Organization for Economic Cooperation and Development
(OEC D), which represents the 30 most industrialized countries in the world,
said that the US plan was already having an effect in reversing the sharply
negative trend on stock markets and added that a European plan should be
considered in the same vein. (end)
jk.rk
KUNA 021336 Oct 08NNNN
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