Europe backs off of U.S.-style economic rescue plan
The leaders of Europe's largest economies on Saturday vowed to "respond with one voice" to the global financial crisis. But a one-day summit in Paris did not produce a $300 billion rescue plan, similar to the $700 billion US rescue plan, or any other far-reaching plans to reform Europe's struggling banking sector. Instead, they chose a much more cautious approach. France had suggested a multibillion-dollar European Union-wide government bailout plan, but backed off after Germany said banks must find their own way out. Leaders did agree to begin rewriting European accounting regulations later this month in an effort to reduce the financial losses that banks are currently forced to write off.
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