by Calculated Risk on 10/06/2008 09:24:00 PM

MarketWatch is reporting: France said to seek emergency G8 meeting

France is proposing through diplomatic channels that the Group of Eight industrialized nations hold an emergency summit to contain the U.S.-triggered financial crisis, according to a published report.

In an unsourced article dated Tuesday, Japanese business daily Nikkei reported on its Web site from Tokyo that the Group of Seven finance ministers and central bankers are likely to talk about holding an emergency meeting when they meet in Washington as early as Friday.

Also Reuters reported: Fed, Treasury mulling commercial paper support

Among steps under consideration would be funding a special purpose vehicle as opposed to outright purchase of commercial paper ... Aiding the commercial paper market may test the limits of the Fed's authority because of the possibility of losses.

Apparently CNBC's Steve Leisman reported (I didn't see it) that the Fed might announce tomorrow morning some sort of program to buy commercial paper.