Global Financial Crisis: Eurozone leaders agree on sweeping rescue plan; France, Germany, Italy and other countries will announce national measures Monday
Oct 13th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Global Financial Crisis: A summit meeting of the leaders of the 15 member countries of the Eurozone on Sunday at the Élysée Palace in Paris, which was also attended by the Presidents of the European Commission and the European Central Bank, has agreed that no major financial institution will be allowed to collapse and loans between banks in the inter-bank market will be State guaranteed on a temporary basis, in order to address the liquidity crisis. Germany, France and Italy and other countries plan to coordinate announcements on Monday, on recapitalisation of their principal banks.