TOPWRAP 10-Hope lingers to save US autos from econ crisis

* U.S. senators reach deal to bail out automakers

* Switzerland slashes interest rates

* IMF helps Iceland, Turkey

* Economists, Fed see recession well into 2009

* Oil falls below $50 on reduced demand (For more stories on the financial crisis click [ID:nCRISIS]) (Updates with reports of auto bailout deal)

By Jackie Frank

WASHINGTON, Nov 20 (Reuters) - U.S. lawmakers demanded turnaround plans on Thursday from automakers as a condition of a bailout aimed at halting an economic crisis that prompted a record rate cut in Switzerland and rescue loans to Turkey and Iceland.

The number of U.S. workers on jobless rolls surged to the highest in quarter century and oil prices plummeted below $50 a barrel for the first time since 2005 as investors anticipate a long, global recession will slash demand.

Four U.S. senators announced bipartisan deal for automakers, which briefly pushed U.S. markets higher and halted a steep slide that had been touched off a day before on Wall Street and had spread round the globe.

However, Democratic leaders warned the bill would not pass unless it included a plan for the industry to return to profitability and stocks soon sank towards six-year lows.

Democratic leaders said automakers can submit another plan by Dec. 2 which could be considered the week of Dec. 8.

Shares of the two largest automakers were hostage to bailout news, with General Motors (GM.N) swinging between losses of 39 percent and gains of 43 percent, and a similar range for rival Ford Motor Co (F.N).

Automakers are battling tumbling sales, sparked by evaporating credit for car buyers and crumbling consumer confidence. GM and Toyota Motor Co (7203.T) both announced production cuts in Thailand as they worked to cut a glut of unsold vehicles.

The rapidly slowing world economy prompted Switzerland's central bank to make a surprise one percentage-point interest rate cut, its third in six weeks and largest since it adopted its current system in 2000.

Analysts said the weak U.S. labor market almost guaranteed a Federal Reserve Board rate cut at its next meeting on Dec. 15-16.

CNBC reported Saudi Prince Alwaleed bin Talal planned to boost his stake in Citigroup (C.N) back to 5 percent. Despite this move by its largest investor, shares in the U.S. financial giant fell as much as 25 percent to a new 14-year low due to serious concern over its very survival.