The Eurozone leaders approved a plan to tackle the financial crisis at a hastily arranged meeting in Paris on Sunday. Photo by BGNES
The leaders of the Eurozone states agreed late Sunday night in Paris on a joint package to deal with the consequences of the raging global financial crisis.
The news was announced immediately after the end of the meeting of the European leaders by the French President Nicolas Sarkozy, who emphasized the plan included all aspects of the financial crisis, BGNES reported.
Each of the Eurozone states is going to reveal details about its individual financial relief programs on Monday but their leaders have all agreed on the package of temporary measures, which will be in effect until December 31, 2009.
The joint package agreed upon by the Eurozone leaders and the UK Prime Minister Gordon Brown, who also took part in Sunday's meeting, aims to provide extra liquidity through bank recapitalization whenever needed, and through state guarantees for loans.
The exact sums of money involved in the package have not been revealed yet but in the words of the Belgian Finance Minister Didier Reynders each member state should be able to determine by Wednesday what funds it would be able to allocate for the joint efforts.
A summit meeting of all of the 27 EU member states is scheduled to take place in Brussels on Wednesday, where the whole bloc is expected to enhance the measures already agreed upon by the Eurozone 15 and the UK.