Europe acts to strengthen (nationalise?) its banks...

Major European economies have announced multi-billion euro rescue schemes to shore up their banks. 

Germany has approved a package worth up to 500bn euros (£393bn; $683bn), France will spend about 350bn euros and Spain has set aside 100bn euros. 

The bulk of this money will be used to guarantee lending between banks - part of a plan agreed to this weekend by the 15 nations that use the euro. 

Meanwhile, President George W Bush said nations were taking "decisive action". 

Speaking with Italian prime minister Silvio Berlusconi, he said the US was continuing to work closely with Europe. More...

See also:

• Crisis? Not for the fat cats at Barclays...
• Zeitgeist: Addendum or How the money system creates the modern slave...
• Financial world in turmoil as market goes berserk...
• Protest in England: no bailout for the bosses...
• Bailout? Fed.Reserve? Inflation?Trillion?Quadrillion? What the hell is going on?