European governments offer $2 trillion for banks

By JERUSALEM POST STAFF
European governments say they are putting nearly US$2 trillion on the line to protect the continent's banks through guarantees and other emergency measures. Pledges by Britain, Germany, France, Spain, Austria and Portugal in recent days have reached a total of US$1.96 trillion. The sums are considered a maximum, and might not all be spent if the financial crisis eases. Many of the pledges came Monday, a day after the 15 nations that use the euro currency agreed on an unprecedented bank rescue plan. Europe's most unified response yet to the financial crisis dwarfs the The Bush administration's $US700 billion rescue program. The plan helped calm markets Monday after they dived last week. European and Asian stocks are up.