European leaders vowed on Saturday to do all they could to fend off the financial mayhem that has spread from Wall Street in the United States and is now hitting banks in Europe.

As they did so, German property lender Hypo Real Estate said it was "fighting for survival" after a government-backed rescue unraveled, while Belgium was seeking a buyer for what remained of beleaguered bank and insurance group Fortis after the rest was nationalized by the Dutch government.

"We jointly commit to ensure the soundness and stability of our banking and financial system and will take all the necessary measures to achieve this objective," the leaders of France, Germany, Britain and Italy said in a statement.