Morning all. Today's newspapers:
The credit crisis, which has been building slowly for the past year, is now moving so fast that governments around the world are finding it impossible to keep pace.
Worst-case scenario is approaching rapidly
Banks urged accounting chiefs to rush through new rules on valuing illiquid assets yesterday, calling it a key measure in stabilising financial markets.
Bankers see valuation as potential turning point
One of Italy's largest banks outlined its plans for survival last night as UniCredit said that it was seeking up to €6.6 billion in fresh funds.
Italy's second-largest bank UniCredit sells off stock in survival bid
Radical plans for the Treasury to take shareholdings in the UK's biggest high-street banks are being drawn up.
Government could take shares in high street banks
Iceland's prime minister Geir Haarde has admitted he is in a race against time to negotiate a rescue deal for the country’s ailing financial system that could include a merger of some of the nation’s banks.
Iceland prime minister in race against time to negotiate financial rescue deal
Iceland was seeking the financial help of the US and Scandinavian countries last night as politicians and businessmen scrambled to save the country’s economy.
Stricken Iceland sends out financial SOS