European leaders gather to discuss global crisis

EUROPEAN leaders will gather in Paris tomorrow for an emergency summit on the global financial crisis.

But proposals on the table will not include any EU-wide bailout like the $700 billion dollar (€507bn) package being debated in the US.

The meeting, arranged by French president Nicolas Sarkozy, will also include the leaders of Germany and Italy along with the presidents of the EU Commission and European Central Bank. A British government spokesman also confirmed it had been in “close contact” with the Irish Government over its controversial plan to guarantee all deposits.