French President Nicolas Sarkozy has denied that France would propose a massive bail-out of Europe's finance sector similar to the Paulson plan put forward in the United States, a spokesman for British Prime Minister Gordon Brown said Thursday, according to DPA. "President Sarkozy confirmed to the Prime Minister that it was not the case that the French were proposing a Europe-wide bail-out," the spokesman said after declaring that Brown would attend an emergency summit of European leaders on the global financial crisis on Saturday in Paris. On Wednesday, several media reported that the French government would propose a bail-out plan worth 300 billion euros (417 billion dollars) at Saturday's summit. Brown rejected the idea, saying that such a bail-out would not be on the agenda. On Wednesday, a spokesman of the German Finance Ministry also shot down the proposal, saying, "The German government thinks nothing of such a plan." Earlier Thursday, Sarkozy's office confirmed that an emergency summit meeting on the global financial crisis would take place in the French capital on Saturday. Taking part in the summit will be leaders of the EU countries that are also members of the G8 group of leading industrial nations - France, Germany, Britain and Italy - as well Eurogroup head Jean-Claude Juncker, the president of the European Commission, Jose Manuel Barroso, and European Central Bank president Jean-Claude Trichet. According to the statement, the aim of the summit is to prepare for the next G8 meeting on the global financial crisis. However, developing a European response to the crisis is also certain to be on the agenda.
