Update: Oct-5 PARIS 17:00 uk-time
comment: This afternoon unusual air traffic, helicopter shuttle flights to monaco non-stop
German Chancellor Angela Merkel said that Europe's biggest economy would "not allow the distress of one financial institution to distress the entire system. "The country's finance minister later said it would guarantee all private savings accounts The ECB left its rate unchanged at 4.25 percent on Thursday
France: Yes, Germany No
Chancellor Merkel said 'irresponsible' bank managers should be held accountable and brought to justice. Merkel had warned one year ago to regulate hedge funds.
France had suggested a multibillion-dollar EU-wide government bailout plan, but backed off after Germany said banks must find their own way out.
No to $500bn Europe bail out plan
Sarkozy France teamed up with Brown UK for a potential attack on the ECB european central bank for a 300bn Euro bail out. Brown topping with $30 bn from the european investment bank for SME, small enterprises. The french BNP bank was ready to buy into bankrupt Fortis (Franco-Belge) on potential EU bailout.
The Rothschild and other cheating bank stories
Sarkozy acting on Rothschild group insider links, later denied his "attack on european currency" to save France socialist government owned industry. German chancellor Merkel and Italian premier Berlusconi defended the stability of the Euro currency, each country must act individually.
Gordon Brown, britsh pound can pay the debts?
Amazing approach of intrigous Gordon Brown to use Sarkozy to "rob" the ECB (Eurobank), refusing to be member of the Euro zone, but soon knocking on the doors of Europe, when the pound is to small to survive attacks. Brown was keen enough to ask for $30bn from the European investment bank to credit SME's, small companies. Why is he not going to ask the money from the offshore hedge funds hiding Cayman islands, canal islands. Enough is enough.
Economy for me and you ?
No sign of financing an innovative middle class economy, just fixing private insider interests. Politicians under lobby pressure, not acting for citizens interest, the new dogma.
Germany, no welfare for the rich
Merkel said she did not want German taxpayers contributing to a common fund
Europe's four biggest economies have agreed to work together to address the current global financial turmoil but say they will not form a joint bailout fund. The leaders of Germany, Britain, Italy and France, which currently holds the EU's rotating presidency, made the announcement at the end of an emergency mini-summit in Paris on Saturday. France had floated the idea of a 300-billion-euro European fund to rescue troubled banks but German Chancellor Angela Merkel said EU states must take responsibility at a national level for the banking crisis. Merkel said she did not want German taxpayers contributing to a common fund. The summit came ahead of a meeting of the Group of Eight finance ministers in Washington next week.