France seeks €300bn rescue fund for Europe

France heaped pressure on Gordon Brown last night by floating an ambitious plan for a €300 billion (£237 billion) bailout fund to rescue crippled banks across Europe.

As the world held its breath on the fate of America’s $700 billion bank bailout plan, President Sarkozy was seeking the backing of European leaders for his own lifeboat.

Mr Brown also faced demands for action from British banks, furious that the Irish Republic’s unilateral guarantee of all bank savings on Tuesday was robbing them of precious deposits.

business.timesonline.co.uk..." target="_blank" class="postlink">Source: UK Times

Bailout funding hits Europe, with Sarkozy proposing a EuroBailout fund to rescue its own weakened banks.