EU Leaders Meet to Work On Economic Rescue Deal

France's finance minister says no one will be disappointed with the European economic rescue package leaders will work on Sunday in Paris.

Christine Lagarde says the plan will be quite specific. She did not disclose any details in her comments to reporters in Washington.

French President Nicolas Sarkozy will host fellow European Union leaders today. They plan to unveil their coordinated response to the global crisis, which has frozen credit to customers and businesses.

U.S. President George Bush held a White House meeting Saturday with finance ministers from the Group of Seven major economic powers. He also visited a meeting of the International Monetary Fund. Mr. Bush said the world is in the economic mess together. He expressed confidence that major economies can meet the challenges.

Egyptian Finance Minister Youseff Boutros Ghali, who heads an IMF policy-making panel, said the IMF endorses the G-7's plan to do everything possible to protect the world's financial system and get credit moving again.

Despite the reassuring words from Washington, Egypt's main stock index was down more than five percent today, falling along with other markets in the region.

Australia's government announced today it will guarantee all deposits in domestic banks to boost confidence in the financial system. Other countries are expected to take similar measures.

Many banks are reluctant to lend money to consumers and businesses and to each other. Some major European governments and the United States have stepped in to take control of some sinking lenders, but at great expense to taxpayers.

The crisis has sent stock indexes plunging around the world.