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Brown to propose $21.2 billion fund at EU summit

Brown to propose $21.2 billion fund at EU summit
AFP
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First Published: Sat, Oct 04 2008. 06 18 PM IST
Updated: Sat, Oct 04 2008. 06 18 PM IST
London: British Prime Minister Gordon Brown today said he will propose a $21.2 billion fund to help small businesses deal with the international financial crisis when he meets other European leaders in Paris.
Brown told reporters he would propose the fund “so that small businesses in our country and the rest of Europe can get money immediately so that they can continue to employ staff and continue to provide services”.
He added that he would call for world leaders to “work together to clean up the system, both in America and Europe” by promoting transparency in the financial markets, and put together a timetable for international meetings to agree to changes.
Brown arrives today for a meeting with the leaders of France, Germany and Italy, the other members of the European Union’s four biggest economies, to discuss the financial crisis.
As lawmakers in Washington wrangled over their own USD 700-billion rescue package, which was finally approved yesterday, European governments have been forced to ride to the rescue of several major European banks this week.
Brown’s government announced Monday the nationalization of Bradford & Bingley, coinciding with the €11.2-billion bailout of banking and insurance group Fortis by the Belgian, Dutch and Luxembourg governments.
A day later, Belgium, France and Luxembourg joined together to inject €6.4 billion into banking group Dexia and in Germany Hypo Real Estate was saved by a government-backed rescue move.
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First Published: Sat, Oct 04 2008. 06 18 PM IST