European finance ministers have agreed to support large, troubled banks in a bid to protect the financial system from collapse. French Finance Minister, Christine Lagarde, said the European Union would also guarantee bank deposits of up to 50,000 euros, with some members extending guarantees to 100,000 Russia blocks EU monitors in Georgia conflict zone ...
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The EU commissioner for economic affairs, Joaquin Almunia, said the EU was preparing to take further co-ordinated action with international partners. EU finance ministers have been meeting for crisis talks in Luxembourg, to establish a unified response to the credit crisis which is gripping money markets.
(Deutsche Welle)
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