(CNN) -- The major stock markets of Europe and Asia fell sharply Monday after government bank bailouts on both sides of the Atlantic failed to stem fears about slowing economic growth.
By midafternoon in Europe, Britain's FTSE 100 lost 245.70 to 4,734.55 -- a 4.93 percent fall. The declines were led by the banking industry, with the mining and oil industries also suffering drops. HBOS PLC's share price dropped 13.4 percent, while the Royal Bank of Scotland Group PLC fell 14.6 percent.
Germany's DAX index fell 5.23 percent to 5,493.95. France's CAC-40 index dropped 5.59 percent to 3,852.63.
In Russia, trading in shares was suspended after the RTS stock index fell more than 15 percent. Iceland's exchange was also closed while the government rushed to draft a plan to deal with the financial turmoil's impact on its over-leveraged banking sector.
The slump followed a weekend in which Germany's private financial sector promised to put up an additional €15 billion, in addition to the €35 billion already pledged, to help shore up Hypo Real Estate bank, the nation's Finance Ministry said Sunday.
The rescue package will help ailing Hypo, one of Germany's largest housing lenders.
In France, BNP Paribas committed to taking a 75-percent stake in troubled European bank Fortis NV, and Sweden and Denmark followed Ireland and Britain in raising the amount of savers' deposits guaranteed by the government.
Britain's treasury chief Alistair Darling said he was "ready to do whatever it takes" to get the country through the credit crunch, and was looking at a "range of proposals," The Associated Press reported.
European Union finance ministers were to meet in Luxembourg Monday and Tuesday to discuss ways to boost the battered banking system.
Italian Prime Minister Silvio Berlusconi is pushing is bailout similar to the one passed by the U.S. Congress last week and signed by President on Friday.
Meanwhile, Asian and Pacific markets closed roundly lower on Monday.
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(CNN) -- The major stock markets of Europe and Asia fell sharply Monday after government bank bailouts on both sides of the Atlantic failed to stem fears about slowing economic growth.
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