World leaders are scrambling to finalize rescue plans for their banking systems before stock markets open on Monday, amid fears that the global financial system is on the brink of collapse.

France, Germany and Italy –as well as Britain – were working on dramatic plans, due to be announced today, to shore up their lenders.

The moves came as a hastily arranged summit in Paris saw eurozone governments agree on a broad plan to offer hundreds of billions of euros in guarantees for new, medium-term bank debt issuance.

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