SNAPSHOT - Financial crisis - 2355 GMT

NEWS

- G7 meets, stops short of backing British plan to
guarantee lending between banks

- Paulson says the United States developing plans to buy
equity in financial institutions if necessary to halt turmoil

- Late-session comeback for U.S. stocks. Dow down 1.5
percent. Rally partly resurrects Morgan Stanley, Goldman Sachs

- Oil prices drop more than 10 percent, touch 13-month lows
in a global flight from risk

- Rates on U.S. overnight commercial paper drop after
overnight dollar and euro rates fall closer to central banks'
new lower targets

QUOTES

"We are working to develop a standardized program that is
open to a broad array of financial institutions." - Paulson

"This is a systemic crisis and we need a systemic way to
handle it. The G7 needs to find an unified approach to handle
the crisis. Banks need to be recapitalized." - Canadian Finance
Minister Jim Flaherty

"The markets wanted maybe more assurance that there would
be a unified global backstopping of the banks, and it doesn't
sound like that's in there." - Kim Rupert, managing director of
global fixed income analysis at Action Economics

"Part of the problem is no matter what they (G7) do it's
not going to be an instantaneous fix and everybody wants a fix
that's immediate. It's just not going to happen." - Mark
Waggoner, president of Excel Futures Inc in Huntington Beach,
California

"The panic and the fear we're seeing is mind-blowing. It
looks like the market is pricing in a depression." - Matt
McCall, president of Penn Financial Group in Ridgewood, New
Jersey

UPCOMING (Times in GMT)

SATURDAY

G7 finance ministers and central bankers meet in
Washington

South Korean, Japanese finance ministers meet in
Washington

Sarkozy, Merkel meet in France

SUNDAY

EU leaders to meet in Paris to discuss crisis -
Berlusconi

MONDAY

Annual meeting of IMF/World Bank in Washington

U.S. fixed-income markets closed, Columbus Day