EU says bailout not right for Europe

MAD, Spain, Sept. 19 (UPI) -- European Union finance minister Joaquin Almunia said Europe should not employ the same bailout plan under consideration in the United States.

The plan under consideration in Washington, while lacking details, would authorize the government to purchase failing securities from financial firms.

Commissioner Almunia, a member Spain's Socialist Workers Party, called the bailout "financial socialism," the EU Observer reported Friday.

Attending a conference in Madrid, Almunia told reporters, "socialists like me, we are against financial socialism," the Observer said.

Almunia said Europe needed "more coordinated action by supervisors than currently exists."

He also said some intervention might be necessary. "We must move forward faster. We cannot wait until a financial institution operating in seven or 10 countries of the European Union has problems such as those of Lehman Brothers or Bear Sterns."