Financial crisis France unveils 360 billion euro bank bailout package

France has followed Britain's lead in the financial crisis by unveiling a 360 billion euro (£283 bn) plan to bail out the country's banks. Sarkozy said nothing must be spared to prevent the finanical crisis from worsening Photo: REUTERS President Nicolas Sarkozy pledged 40 billion euros to help recapitalise banks in difficulty and a further 320 billion euros to guarantee interbank lending. The announcement, which followed an emergency cabinet meeting, came a day after Gordon Brown had explained the British bail-out to leaders of the 15 eurozone countries, who agreed to launch comprehensive and coordinated action to avoid systemic financial collapse. "We will see that a united Europe has done more than the United States in terms of the total sums committed," said Mr Sarkozy, whose country currently holds the rotating EU... [read full story]