Brown urges Europe to copy British bank rescue plan

Business Materials 12 October 2008 13:59 (UTC +04:00)

Ahead of Sunday's vital EU summit in Paris to deal with the global financial crisis, British Prime Minister Gordon Brown has called for the adoption of bank rescue plans across Europe similar to the 500-billion-pound scheme unveiled in London last week, dpa reported.

In an article in the Sunday Mirror newspaper, Brown wrote "today I am going to Paris to persuade other European countries to adopt the comprehensive approach we have taken in Britain. For Europe, the stakes could not be higher and this is a moment of truth."

Brown also called for international cooperation to solve the crisis. "No country - not even the biggest - can make it just on their own at a time like this," he said.

"We are all in it together and have to work to solve it together."

Brown's bank rescue plan involves a government guarantee for loan transaction between banks and government acquisitions of bank shares.

The British prime minister is due to meet with the leaders of 15 European states in Paris on Sunday to discuss ways to guide their economies out of turmoil.