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European summit on finance crisis European summit on finance crisis
(about 1 hour later)
A European financial summit to discuss the current global crisis will take place in Paris on Saturday, the French President's office has announced.A European financial summit to discuss the current global crisis will take place in Paris on Saturday, the French President's office has announced.
Heads of state from Britain, Germany and Italy, together with the president of the European Commission and European Central Bank chief, will be attending. Leaders from Britain, Germany and Italy, together with the president of the European Commission and European Central Bank chief, will be attending.
President Nicolas Sarkozy hopes it will lead to a world summit later this year.President Nicolas Sarkozy hopes it will lead to a world summit later this year.
Rumours of a 300bn euros (£237bn, $417bn) US-style bail out package have been denied by Sarkozy's office.Rumours of a 300bn euros (£237bn, $417bn) US-style bail out package have been denied by Sarkozy's office.
European leaders are keen to agree a co-ordinated response ahead of next week's meeting of the G8 finance ministers and central bank governors in Washington.European leaders are keen to agree a co-ordinated response ahead of next week's meeting of the G8 finance ministers and central bank governors in Washington.
However the BBC's Paris correspondent Emma Jane Kirby said there is little agreement on how the Paris talks should proceed. However the BBC's Paris correspondent Emma Jane Kirby said there was little agreement on how the Paris talks should proceed.
Germany has made its opposition to any coordinated European bail-out plan known ahead of the meeting. Germany has made its opposition to any co-ordinated European bail-out plan known ahead of the meeting.
And the chairman of eurozone finance ministers has backed Germany in rejecting any need for a European rescue fund for distressed banks.And the chairman of eurozone finance ministers has backed Germany in rejecting any need for a European rescue fund for distressed banks.
Eurogroup chairman Jean-Claude Juncker said Europe did not need a similar programme to the US's $700bn plan to take so-called toxic assets off banks' balance sheets.Eurogroup chairman Jean-Claude Juncker said Europe did not need a similar programme to the US's $700bn plan to take so-called toxic assets off banks' balance sheets.
The Netherlands has proposed the creation of a European reserve fund to come to the aid of ailing banks before they fail.The Netherlands has proposed the creation of a European reserve fund to come to the aid of ailing banks before they fail.
But British Prime Minister Gordon Brown's spokesman said he did not expect discussion of an EU-wide bank fund at the meeting.But British Prime Minister Gordon Brown's spokesman said he did not expect discussion of an EU-wide bank fund at the meeting.
"The purpose of the meeting will be to discuss how each of the four major economies in Europe are responding to the global financial crisis," he said."The purpose of the meeting will be to discuss how each of the four major economies in Europe are responding to the global financial crisis," he said.