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Sarkozy calls for European sovereign wealth funds to buy troubled banks

Published: 21/10/2008 05:00

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French President Nicolas Sarkozy urged European Union (EU) countries on Tuesday to set up their sovereign wealth funds to buy stakes of troubled banks falling prey to the financial crisis.

France’s President Nicolas Sarkozy addresses the European Parliament in Strasbourg October 21, 2008.(Xinhua/Reuters Photo)

“Stock markets are at a historically low level. The opportunity might be there to create our own sovereign wealth funds,” Sarkozy, whose country holds the EU rotating presidency, told the European Parliament in Strasbourg, France.

Sarkozy said those sovereign wealth funds could be set up by individual member states as an industrial response to the financial crisis.

“I am asking that we think about the possibility of creating, each one of us, sovereign funds and that perhaps they could be coordinated to provide an industrial response to the crisis,” he said.

VietNamNet/Xinhuanet

Update from: http://english.vietnamnet.vn//international/2008/10/809739/

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