(RTTNews) - European markets are struggling as the credit crunch deepens, sparking additional government intervention and cash injections.

The European Central Bank, the Bank of England and the Swiss National Bank attempted to boost the markets Monday by offering over $60 billion to dried up credit lines. This is in addition to $50 billion the ECB offered in overnight liquidity and $10 billion the BoE anted up.

The SNB announce that overnight offerings remain in effect, although in accordance with the bank’s policy, they did not offer a monetary value.

In Germany, the government acted to avoid systemic risk by boosting public confidence in the tenuous banking system.

Chancellor Angela Merkel and Finance Minister Peer Steinbr�ck announced that the German government would guarantee all private savings accounts in the country - a stunning $678 billion (500 billion euros).

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Posted in Categories: Economy, Eurozone, Releases, Stocks, Switzerland, UK.

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