Bush Vows Market Stability, IMF Warns of 'Meltdown'

By Neal Colgrass,  Newser Staff
Posted Oct 11, 2008 6:59 PM CDT
President Bush, left, makes a statement at the White House after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008.   (AP Photo)
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(Newser) – President Bush and his allies tried to steady plunging markets today after meeting in Washington, but proposed no new plan, Reuters reports. International Monetary Fund chief Dominique Strauss-Kahn warned that the global economy was facing "systemic meltdown," but backed the G7's as yet undefined rescue plan, saying it would "unfreeze" markets in a few days.

At the White House, Bush expressed "confidence" in Washington's bailout, while in France President Nicolas Sarkozy and German Chancellor Angela Merkel planned for a European crisis summit tomorrow. Germany is reportedly on the verge of unveiling its own $549 billion bailout. In a surprise statement, the G7 failed to back Britain's $86 billion liquidity injection plan—support that many on Wall Street called essential to calming markets. (Read more IMF stories.)