Since the US takeover of mortgage giants Fannie Mae and Freddie Mac on September 7 and the collapse of Lehman Brothers and Merrill Lynch a week later sparked panic around the world, European governments have propped up their own banking systems in a largely uncoordinated scramble.
Here is a chronology of their responses:
September 18 - the British government arranges the takeover of the country's biggest mortgage lender, HBOS, by its fourth-biggest bank, Lloyds TSB, in a deal valued at 12 billion pounds (21.3 billion dollars).
September 27-28 - Britain approves the takeover of mortgage lender Bradford & Bingley by Spain's Banco Santander, nationalizes B&B's mortgage and loans division and offers a 20-billion-pound loan to cover further risks. Banking shares in London fall more than 10 per cent on the deal.
Simultaneously, the governments of Belgium, Luxembourg and the Netherlands part-nationalize regional bank Fortis for 11.2 billion euros (15.3 billion dollars). Fortis shares fall 23.6 per cent.
September 29 - the governments of Belgium, France and Luxembourg inject 6.4 billion euros into the Dexia bank to help it out of the credit squeeze. Dexia shares fall 28.5 per cent.
The German government brokers a rescue by a banking consortium for mortgage lender Hypo Real Estate (HRE) backed by a 35-billion-euro state guarantee. HRE shares fall 63 per cent.
September 30 - the Irish government becomes the first in Europe to offer a 400-billion-euro guarantee on bank deposits in all Irish- owned banks. The Irish stock exchange surges 8 per cent on the news.
October 3 - the Dutch, Belgian and Luxembourg governments break up Fortis, selling its Dutch assets to the Dutch state for 16.8 billion euros. The dismemberment is followed by the sale on October 6 of the Belgian and Luxembourg divisions to French bank BNP Paribas for 14.5 billion euros.
BNP shares fall over 5 per cent at the news, while Dexia's shares plunge 20 per cent on the Paris Bourse's worst ever trading day.
October 4 - HRE unexpectedly announces that the banking consortium has pulled out of the rescue deal. After frantic talks, the German government comes up with a new 50-billion-euro loan.
Simultaneously, German Chancellor Angela Merkel pledges to guarantee all private bank deposits, angering European neighbours. Despite the moves, HRE shares drop 48 per cent as Germany's DAX index slumps 7 per cent to a 27-month low.
October 6 - As financial panic spreads around the world despite the adoption of a 700-billion-dollar rescue plan for US banks, EU's leaders, in an unprecedented move, issue a joint statement vowing to take "all measures necessary" to restore calm. Hours later, EU finance ministers agree to more than double the minimum state guarantee for bank deposits, from 20,000 euros (27,200 dollars) to 50,000 euros, and draw up guidelines of how member states should intervene in the banking sector.
October 8 - facing mounting pressure to match the Irish guarantee, Britain's government announces a cash injection of 50 billion pounds to its eight biggest banks, together with 200 billion pounds in extra liquidity from the Bank of England and 250 billion pounds to guarantee inter-bank loans.
The inter-bank guarantee are intended to encourage banks to start lending to one another again. At the end of the same day, Italy sets up a rescue fund of a reported 20 billion euros for the same purpose.
October 9 - The governments of France, Luxembourg and Belgium offer a guarantee for future inter-bank loans for Dexia. The Belgium state promises to extend the guarantee to any "system-critical" bank.
October 12 - Leaders from the 15-member eurozone agree on a wide- ranging rescue plan that includes a measure for governments to guarantee interbank loans. European stock markets surge on the news on the following day.
