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The leaders of EU's four largest economies strove to boost confidence in the bloc's financial markets (Photo: European Commission)

Paris summit fails to stop unilateral action by EU states

Despite a display of unity and call for a confidence in the financial system by leaders of Europe's four biggest economies at a mini-summit in Paris, Germany took emergency measures to save one of the country's key mortgage providers and unilaterally moved to guarantee all private deposits to prevent further deepening of the banking crisis.

On Sunday (5 October), Berlin hammered out a €50 billion plan to save Hypo Real Estate, Germany's second biggest property lender, after a previous b...

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The leaders of EU's four largest economies strove to boost confidence in the bloc's financial markets (Photo: European Commission)

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