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Leaders of 15-strong eurozone hope their coordinated action will calm the markets (Photo: French EU presidency/Didier Noizet)

Euro area states harmonise bank rescue plans

An unprecedented extraordinary meeting of eurozone leaders in Paris has given the green light to a set of synchronised moves by member states to boost confidence in the financial sector and save failing banks with public money.

"We cannot have a healthy economy and sustainable growth unless we have a solid financial sector," said French President Nicolas Sarkozy on late Sunday (12 October), after the hastily arranged summit of the 15-strong euro area.

The crisis talks aiming to a...

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Leaders of 15-strong eurozone hope their coordinated action will calm the markets (Photo: French EU presidency/Didier Noizet)

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