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.)