The French and German bailout plans total $1.37 trillion, The Times of London reported Tuesday.
German Chancellor Angela Merkel Monday outlined a rescue that included $549 billion in bank guarantees and an additional $137 billion in state funds to provide capital for banks. French President Nicolas Sarkozy said this government would back banks with $440 billion in guarantees for bank-to-bank lending through December 2009 and $55 billion in capital for struggling banks.
Spanish Prime Minister Jose Luis Rodriguez Zapatero pledged $137 billion to cover bank-to-bank lending, while Italy pledged "as much as necessary," The Times said. Austria said it would provide $116.8 billion for bank guarantees and spend $20.6 billion in equity investments.
Sarkozy said the financial meltdown required a bold response.
"The biggest risk at the moment would have been to lack audacity," he said.
Beyonce flaunts bikini body, Blue Ivy in vacation pics
Benedict Cumberbatch's dramatic reading of R. Kelly lyrics is just what you need