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The world's economic powers faced huge pressure on Friday to contain the financial crisis as panic selling swept through European and Asian markets amid growing fears of a global economic recession.

With financial policy makers from the Group of Seven (G7) major industrial nations due to meet later in Washington, bank bailouts, liquidity injections and coordinated interest rate cuts across the world have failed to quell investor fears.

In a bid to unfreeze bank lending and staunch massive losses in equity markets, the U.S. government is weighing guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits, The Wall Street Journal reported.

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