Euro Leaders Hope to Emerge With Crisis Action Plan Today

Europe scrambles to shore up banks
By Mary Papenfuss,  Newser User
Posted Oct 12, 2008 8:40 AM CDT
Italian Premier Silvio Belrusconi gestures during a press conference in Italy in which he said world leaders might consider suspending stock markets in response to the financial meltdown.    (AP Photo /Salvatore Laporta )
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(Newser) – European leaders hoped to emerge today from a meeting in Paris with a detailed unified action plan to address the continuing worldwide economic crisis, Reuters reports. Banks continued to hold emergency talks today with officials in the British government, which is about to purchase major equity stakes in the nation's largest institutions. Australia and New Zealand officials announced the government would guarantee all bank deposits.

It's unclear exactly what emergency measures will be taken, but European leaders appear to be focusing primarily on shoring up banks. Italian Prime Minister Silvio Belrusconi has hinted that market trading may be suspended as news of pending changes is absorbed. President Bush failed to reach an agreement on concrete unified action with G7 financial ministers in meetings yesterday.