by Calculated Risk on 10/07/2008 04:11:00 PM

Spain tries a TARP. From the Financial Times: Spain announces emergency fund

Spain on Tuesday became the latest European nation to take unilateral measures to deal with the world’s deepening financial crisis, announcing a €30-50bn emergency fund to provide liquidity to the financial system by buying Spanish bank assets.
...
The fund, whose details will be fleshed out during the regular cabinet meeting on Friday, will be managed by the Spanish treasury to buy the assets of financial institutions.

And in the UK, from The Mail: Rescue package for Britain's banks agreed at crisis summit after shares go into freefall

The Government will tomorrow unveil a dramatic rescue package aimed at easing the crisis engulfing Britain's banks.

Gordon Brown tonight held a crisis summit with the governor of the Bank of England and the chairman of the Financial Services Authority as pressure mounted on ministers to take immediate action.
...
It is believed the package will include a proposal to inject capital into the banks to shore up their balance sheets.
emphasis added