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Gordon Brown suggests a £12 billion European rescue fund

Gordon Brown has been in meeting with his European counterparts most of the day as they look at the options available to halt the meltdown of European economies. While the US deal has finally been voted through there is now an expectation that the rest of world will come together and follow suit. But what is happening at the EU?

First there is confusion as to why Gordon Brown is in talks with a number of EU leaders when all of them are not in attendance. It is claimed that the meeting which is currently being held does not have the capacity to make decisions for the EU and therefore carries little power.

On the other hand if we are correct it seems as though Gordon Brown has suggested a £12 billion European rescue fund for smaller businesses but if the current rate of progress is replicated they will all be bust by the time the money is in place!

The French President Sarkozy was at the centre of the confusion of the last few days after he first put forward a solution only to deny this only 24 hours later. Whatever is going on, at this rate the credit crunch will be over before the rescue begins.

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