By GREG KELLER and PAN PYLAS and PAUL WISEMAN
PARIS (AP) - European leaders rushed Monday to stop a rampaging debt crisis that threatened to shatter their 12-year-old experiment in a common currency and devastate the world economy as a result.
One proposal gaining prominence would have countries cede some control over their budgets to a central European authority. In a measure of how rapidly the peril has grown, that idea would have been unthinkable even three months ago.
World stock markets, glimpsing hope that Europe might finally be shocked into stronger action, staged a big rally. The Dow Jones industrial average in New York rose almost 300 points. In France, stocks rose 5 percent, the most in a month.
More relevant to the crisis, borrowing costs for European nations stabilized. They had risen alarmingly in recent weeks - in Greece, then in Italy and Spain, then across the continent, including in Germany, the strongest economy in Europe.Read more.
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