France Wants A Bailout Also!

Us Americans aren’t the only ones in financial troubles!

Europe seems to be having its own issues as well.

And, France’s President Sarkozy is now putting pressure on the UK’s Prime Minister, Gordon Brown by proposing a $330 billion bailout fund to help the crumbling banks across Europe.

Brown is also facing demands from British banks that are upset about the Irish Republic’s guarantee of all bank savings, which they say is robbing them of deposits.

The British Bankers’ Association said that the move by the Irish was anti-competitive.

So in response to many demands, the Prime Minister has started to get together an emergency committee to take care of Britain’s response to the current crisis.

An emergency summit has also been scheduled tentatively for this Saturday with the top officials from France, Italy, and Germany among the group.

President Sarkozy’s proposal was received with a lot of skepticism in the UK, but it got hostility from Germany.

The proposal involves a creation of a European-wide emergency fund to be used in times of need to help banks when national governments can’t intervene.

But Germany clearly stated they would not be issuing a blank check for all banks, “regardless of whether they behave in a responsible manner or not├óΓé¼┬¥.

The backlash even caused France to deny that they had even put out the proposal for the funding. And then even after they admitted it, they denied it’d cost over $330 billion, saying the number came from the Dutch Government. Which caused the Dutch to respond by saying they had no clue what the French were talking about!

So aside from all the childish behavior, PM Brown will be announcing his new crisis committee today or tomorrow.

Let’s hope Europe gets its economy back in shape. We sure need to fix ours.

[Image via WENN.]