Changes

The European Central Bank aggressively lent money to banks trying to ensure that banks would have adequate cash. The moves have not reassured savers or investors, and European stock markets have fallen even further than the American stock markets, as have the stock markets in China and Russia.  The leaders of France, Germany, Britain and Italy vowed to prevent a Lehman Brothers-style failure in Europe but they did not offer an American-style bailout package.<ref>Carter Dougherty, Nelson Schwartz and Floyd Norris, "Financial Crises Spread in Europe," [http://www.nytimes.com/2008/10/06/business/06markets.html?_r=1&hp&oref=slogin ''New York Times,'' Oct 6, 2008]</ref>

The European Central Bank aggressively lent money to banks trying to ensure that banks would have adequate cash. The moves have not reassured savers or investors, and European stock markets have fallen even further than the American stock markets, as have the stock markets in China and Russia.  The leaders of France, Germany, Britain and Italy vowed to prevent a Lehman Brothers-style failure in Europe but they did not offer an American-style bailout package.<ref>Carter Dougherty, Nelson Schwartz and Floyd Norris, "Financial Crises Spread in Europe," [http://www.nytimes.com/2008/10/06/business/06markets.html?_r=1&hp&oref=slogin ''New York Times,'' Oct 6, 2008]</ref>

Britain on Oct. 8 announced a gigantic £500 billion ($850 billion) rescue plan for its banks; the government would partially own them.  Prime Minister Gordon Brown said banks would still be run by their old managers, but that the government would have to be "satisfied" on matters of salaries, dividends and lending activities.  The money involved is about a third of Britain's annual GDP.

Britain on October 8 announced a gigantic £500 billion ($850 billion) rescue plan for its banks; the government would partially own them.  Prime Minister [[Gordon Brown]] said banks would still be run by their old managers, but that the government would have to be "satisfied" on matters of [[salary|salaries]], [[dividend]]s and lending activities.  The money involved is about a third of Britain's annual [[Gross Domestic Product|GDP]].

 

===$700 billion bailout proposed===

===$700 billion bailout proposed===