European plan guarantees bank refinancing

CTV.ca News Staff Countries that use the euro currency will temporarily guarantee bank refinancing in an attempt to promote lending and get credit flowing, 15 European leaders have decided. French President Nicolas Sarkozy said the plan will be put into action next year, and is not a "gift to the banks. The 15 leaders, all representing countries that use the euro, met in Paris on Sunday to establish a made-in-Europe plan to tackle the global credit crunch. It is expected that the plan adopted by the euro-zone leaders will be proposed to other nations in the 27-member European Union at a meeting later this week. Prior to Sunday's meeting, the heads of state were expected to reject the idea of a U.S.-style bailout program. After meeting with French President Nicolas Sarkozy before the summit, British Prime Minister Gordon Brown... [read full story]