George Bush to summon leaders to emergency finance summit
<http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3153999/George-Bush-to-summon-leaders-to-emergency-finance-summit.html>http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3153999/George-Bush-to-summon-leaders-to-emergency-finance-summit.html George Bush is expected to summon Gordon Brown and other European leaders to an emergency summit to discuss the economic crisis. By Andrew Porter and James Kirkup Last Updated: 7:19PM BST 07 Oct 2008 George Bush to summon European leaders to emergency finance sum President Bush urged his European counterparts to coordinate efforts to solve financial crisis spreading around the globe Photo: EPA The prospect of a high-level global meeting came as the US central bank launched a new bid to unfreeze credit markets by effectively lending billions of dollars to US companies. The Federal Reserve moved after lending in the commercial paper market - where companies raise money from the open money markets - all but ceased, raising a serious threat to many American businesses' operations. "This facility should encourage investors to once again engage in term lending in the commercial paper market," the Fed said. The Fed's move -- which puts billions of dollars of US taxpayers' money at risk -- was the latest sign of how desperate American leaders are to unblock the global financial system and avert a severe recession. Mr Bush underlined that message personally on Tuesday in conversations with other world leaders. The Prime Minister, Nicolas Sarkozy, the French President and Silvio Berlusconi, the Italian Prime Minister, spoke with the United States President by telephone. Mr Bush urged his European counterparts to coordinate efforts to solve financial crisis spreading around the globe. All are expected to agree to attend a meeting if the details can be thrashed out. Downing Street said it was "a good idea" and welcomed the President's close attention to events in Europe. The idea was floated by Mr Sarkozy, who holds the presidency of the European Union. Dana Perino, the White House press secretary, said: "The president obviously talked to President Sarkozy about his idea to have a meeting. The president's open to that." The venue for the meeting would still have to be decided, although Washington is the likely destination. Mr Brown squeezed in a last-minute meeting with Mr Bush when he was in America two weeks ago, prior to Congress agreeing the £700 billion rescue plan that had been proposed by Hank Paulsen, the United States Treasury Secretary. At that stage the problems of Europe seemed to relatively minor compared to the crisis unfolding on Wall Street, but events in Europe and elsewhere in the last week have highlighted the need for concerted and co-ordinated action. In Luxembourg EU finance ministers on Tuesday said that they will talk daily in future and "ensure a comprehensive and coordinated response to the current situation." They agreed to guarantee private savings of up to Euro 50,000 (£38,900) for one year after failing to agree on a higher limit of Euro 100,000 (£77,800). The new limit is below the protection already offered by many EU countries, including the UK. EU governments have been trying to restore confidence after a series of bank bailouts last week and a "beggar-my-neighbour" scramble by individual countries to increase deposit guarantees, started by Ireland's promise to underwrite 100 percent of deposits. Disparities in EU states' treatment of banks is unnerving investors and prompting savers to shift billions across borders. In another unilateral European move, Spain on Tuesday announced it was setting up a £30 billion fund to help the financial sector. Taro Aso, the Japanese Prime Minister, said he was concerned that the EU leaders' failure to agree a seamless response to the banking crisis will cause continued turmoil in world markets. Mr Aso said: "European leaders have met, but it didn't go well, and European financial markets have fluctuated rapidly and substantially, so I'm worried about the impact on Japan." <*}}}>< <http://www.holypostage.com/>Holy Postage ~ Share your faith <*}}}>< <*}}}>< <http://www.flickr.com/groups/holypostage/>Holy Postage on <http://www.flickr.com/groups/holypostage/>Flickr <*}}}>< <*}}}>< <http://holypostage.mofuse.mobi/>Holy Postage on your Mobile <*}}}>< Holy Postage ~ Share your faith <http://holypostage.mofuse.mobi/> Lord, may everything we do begin with Your inspiration and continue with Your help, so that all our prayers and works may begin in You and by You be happily ended. We ask this through Christ our Lord. Amen. <*}}}>< <http://www.holypostage.com/>Holy Postage ~ Share your faith <*}}}>< <*}}}>< <http://www.flickr.com/groups/holypostage/>Holy Postage on <http://www.flickr.com/groups/holypostage/>Flickr <*}}}>< <*}}}>< <http://holypostage.mofuse.mobi/>Holy Postage on your Mobile <*}}}>< Holy Postage ~ Share your faith --~--~---------~--~----~------------~-------~--~----~ Please note that I do not send or open attachments sent to this list. You received this message because you are subscribed to the Google Groups "Catholics on Fire" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/Catholics-on-Fire May the blessing of Jesus and our Blessed Mother be with you -~----------~----~----~----~------~----~------~--~---
