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EU looks to sideline UK bailout

News is emerging of an EU led deal to bailout the European banking system with a £240 billion lifeboat scheme having been proposed by the French government. Even at this very early stage of discussions it has been claimed the UK would be expected to contribute over £40 billion to the rescue package. After a relatively successful few days in which a number of European banks have been saved the proposed deal has the potential to again cut Europe down the middle.

The UK has never even suggested an EU led rescue deal and even just a couple of days ago the German ministers were saying there would be no repeat of the US rescue mission in Europe. So where did the idea come from and will it actually work? Will it actually be agreed by the parties involved?

A look at the French press just a few days ago may shed some light on why the French have come forward with this plan. French President Sarkozy was seen confirming that no tax payer's money would be put at risk by his government. Perhaps having realised the enormity of the situation he has realised that he may need the help of the EU, dragging every other member into the mix.

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