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EU leaders to study crisis plan in Paris
Published in Saudi Press Agency on 12 - 10 - 2008


Leaders of euro zone countries
hold an emergency meeting in Paris on Sunday hoping to agree on
specific, pan-European measures to prevent market panic from
triggering the most severe global downturn in decades.
Government officials have suggested action rather than talk
could emerge from the first such gathering of the so-called
Eurogroup, hastily arranged by President Nicolas Sarkozy after
stock markets around the world plunged last week.
The meeting of the 15 countries which use the euro as
their currency comes on the heels of a G7 summit of rich nations
in Washington which offered no concrete, collective action but
promised to do whatever was needed to unfreeze credit markets.
British Prime Minister Gordon Brown, whose country is not in
the euro zone, will also meet Sarkozy on Sunday and a French
official said the Eurogroup will likely use a rescue package
unveiled by London last week as its reference point.
Speaking just before leaving Washington overnight, French
Economy Minister Christine Lagarde said the Eurogroup would go
beyond talking about remedies to "put meat, muscles on the bones
of that skeleton and to develop, follow up and execute upon it".
Lagarde said leaderes needed to announce "detailed
implementation measures as quickly as possible and before the
opening of markets if necessary".
Sarkozy and German Chancellor Angela Merkel, who met in
France on Saturday, said they had prepared "a certain number of
decisions" to present at a European summit to try to restore
normal flows in blocked credit markets, Reuters reported.
Sarkozy will meet Brown, European Central Bank President
Jean-Claude Trichet and European Commission President Jose
Manuel Barroso at 3.30 p.m. 1330 GMT, before the summit of euro
zone leaders kicks off 90 minutes later.


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