This is starting to get that distinct Oct 2008/ Lehman feel to it. Looks like a bloodbath on the Asian open Sunday night is possible if an agreement is not reached beforehand.
Zerohedge reports this email just sent out by Morgan Stanley's David Greenlaw:
The NY Fed just asked primary dealers to come downtown today at noon to meet with Fed and Treasury Dept officials. We expect to hear them outline a contingency plan for next week. Details to follow.