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European leaders' emergency summit
European leaders' emergency summit
Last Modified: 12 Oct 2008
By:
Keme Nzerem
Europe's financial and political leaders meet at an emergency summit in Paris to find a way forward in the global financial crisis.
Gordon Brown is urging the leaders to adopt his plan to bring stability to the banks - as the International Monetary Fund warns that the world's markets are on the brink of ''systemic meltdown".
As part of the plan, the UK government is is expected to buy large stakes in major British banks in a £35bn bailout.
An announcement is likely as early as tomorrow, before the markets open.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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