Europe mounts massive rescue bid

BERLIN/PARIS: Germany, Britain and France announced massive financial rescues yesterday as governments across Europe stepped in to shield banks and restore confidence in the face of the worst financial crisis in nearly 80 years.

The German cabinet approved a rescue package that will provide 400 billion euros ($543.4 billion) in bank guarantees and a further 100 billion euros in state funds to recapitalize banks, according to government sources.

Britain, meanwhile, waded in with 37 billion pounds ($63.85 billion) of taxpayers' cash to bail out three major banks, in a move that could make the government their main shareholder.