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Europe moves to quell financial firestorm

(Agencies)
Updated: 2008-10-13 23:55

BERLIN - European governments launched a multi-pronged attack to combat the financial crisis on Monday, approving hundreds of billions of dollars in loans and buying into banks in a move to end panic on the markets.

Europe moves to quell financial firestorm

A selection of British newspapers report on the 37 billion pound (47 billion euros, 64 billion dollar) investment in Royal Bank of Scotland, HBoS and Lloyds TSB. The Lodon Stock Exchange welcomed the bailout and the FTSE 100 was up 4.84 percent in midday trade. [Agencies]

Governments across the continent, rattled by the relentless downward spiral of shares, unveiled rescue packages after agreeing at a weekend summit to guarantee inter-bank lending and make state funds available to buy bank stocks.

The package announced by Germany included 80 billion euros (US$108 billion) in fresh capital and 400 billion euros in loan guarantees while France was set to provide a guarantee of up to 300 billion euros on inter-bank loans.

The British government said it was "taking decisive action" with its huge investment in Royal Bank of Scotland, HBOS and Lloyds TSB as part of a bank bailout scheme announced last week which set aside 50 billion pounds to buy shares in troubled institutions.

A fourth bank, Barclays, said it would not take part in the government scheme but would still raise 6.5 billion pounds from private investors.

"In extraordinary times, with financial markets ceasing to work, the government cannot just leave people on their own to be buffeted about," said Britain's Prime Minister Gordon Brown.

Stock markets, which had largely failed to rally after the US government announced a 700 billion dollar bank bailout plan last month, rose strongly amid the string of announcements by European governments.

Meanwhile Neel Kashkari, the US Treasury's pointman on the 700 billion dollar bailout, said Washington was ready to buy equity in a "broad array" of financial institutions.

(For more biz stories, please visit Industries)

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