Hypo Real Estate got a second rescue package valued at €50 billion from the German government. A first rescue package failed, prompting Chancellor Angela Merkel to vow not to let the property lender fail. Hypo has a €400 billion balance sheet.
The pan-European Stoxx 600 index closed down 7.6% at 242.
The German DAX 30 index closed down 7.1% to 5387, the French CAC-40 index dropped 9% to 3712, the UK FTSE 100 index closed down 7.9% to 4589, and the Russian RTS index slumped 19.1% to 866 before trading was suspended.
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