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EU chiefs confront markets crisis EU chiefs confront markets crisis
(10 minutes later)
The 15 eurozone leaders are meeting in Paris to try to establish a common front to tackle the financial crisis.The 15 eurozone leaders are meeting in Paris to try to establish a common front to tackle the financial crisis.
They are joined by British PM Gordon Brown, who wants them to adopt similar measures to his bank rescue plan.They are joined by British PM Gordon Brown, who wants them to adopt similar measures to his bank rescue plan.
The French cabinet will hold a special session on Monday to approve a bill offering state guarantees and recapitalisation to banks in trouble.The French cabinet will hold a special session on Monday to approve a bill offering state guarantees and recapitalisation to banks in trouble.
Portugal's finance minister has also announced a 20bn euro ($27bn; £16bn) state guarantee for banks.Portugal's finance minister has also announced a 20bn euro ($27bn; £16bn) state guarantee for banks.
The British rescue plan involves making £50bn ($85bn) available to banks as extra capital, having £200bn available for short term loans from the Bank of England and offering £250bn of loan guarantees for banks lending to each other.The British rescue plan involves making £50bn ($85bn) available to banks as extra capital, having £200bn available for short term loans from the Bank of England and offering £250bn of loan guarantees for banks lending to each other.
The French plan sounds similar, although the details are not yet clear.The French plan sounds similar, although the details are not yet clear.
"We need a law to put in place a state guarantee and an organ that will be charged with raising funds to help banks deal with their need to recapitalise," said Gilles Carrez, a senior member of the parliamentary finance committee."We need a law to put in place a state guarantee and an organ that will be charged with raising funds to help banks deal with their need to recapitalise," said Gilles Carrez, a senior member of the parliamentary finance committee.
Common planCommon plan
As the UK has not adopted the euro, Mr Brown had not been due to take part in the meeting of eurozone leaders.As the UK has not adopted the euro, Mr Brown had not been due to take part in the meeting of eurozone leaders.
But a Downing Street spokesman said the French president had invited him to attend part of it.But a Downing Street spokesman said the French president had invited him to attend part of it.
The heads of the EU's four biggest economies - Britain, France, Germany and Italy - held a first crisis summit last week, but were split over the need for a common plan.The heads of the EU's four biggest economies - Britain, France, Germany and Italy - held a first crisis summit last week, but were split over the need for a common plan.
Ahead of Sunday's eurozone meeting, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they would present a number of proposals to ease the credit freeze that has caused the collapse of several leading international banks.Ahead of Sunday's eurozone meeting, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they would present a number of proposals to ease the credit freeze that has caused the collapse of several leading international banks.
But after meeting in Paris on Saturday, the two leaders said the summit would not result in a joint financial rescue fund for Europe, along the lines of a recent $700bn rescue by the US government.But after meeting in Paris on Saturday, the two leaders said the summit would not result in a joint financial rescue fund for Europe, along the lines of a recent $700bn rescue by the US government.
Late on Friday, the architect of the US scheme, Treasury Secretary Henry Paulson, said the US planned to invest directly in banks for the first time since the 1930s, following a similar UK programme of partial bank nationalisation.