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Sarkozy pulls back from recommending rescue package

While just yesterday it was being reported all over Europe that French President Sarkozy was at the head of a deal which would bring over 300 billion Euros to the table in an attempt to avert a banking crisis in Europe it has all changed today. Sarkozy was applauded in many corners for his brave move although he seems to have lost his bottle today and stepped back from the move, going as far as to suggest that such a deal was never on the table.

This move has angered many European leaders who had made firm plans to meet this week to discuss the move and try and put some kind of rescue plan into action. As it happens the EU ministers are back at the starting blocks and no further forward agreeing any kind of financial assistance for the European finance sector.

As we all await the final outcome of the US rescue deal vote it seems that nobody is prepared to put their neck on the line and suggest that Europe actually moves before the US. There is a feeling that a move prior to any US package would have limited impact with the whole market literally hanging on every word coming out of the Senate and Congress.

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