But the Spanish government will not currently recapitalize its banks as agreed by other leaders from the eurozone, since Spanish banks have solvency, although the possibility for doing so remained, he said.

　　Also, the French government is to set aside up to 360 billion euros (490 billion dollars) to prevent its banks from falling prey to the current credit crisis, President Nicolas Sarkozy announced Monday.

　　The plan is composed of a maximum of 320 billion euros (435 billion dollars) for the country's inter-bank loans, and another 40 billion euros (55 billion dollars) at most for the recapitalization of French banks.

　　Meanwhile, Russian President Dmitry Medvedev Monday signed into law a package of measures to help the country's financial system survive the global financial turmoil.

　　The new laws allow the state-owned VEB bank to issue to the country's largest lending establishments foreign currency loans of up to 50 billion dollars until Dec. 31, 2009, to repay foreign loans taken before Sept. 25, 2008, RIA Novosti news agency said.

　　Russia will also raise deposit insurance coverage to 700,000 rubles (27,000 dollars) from 400,000 rubles (15,000 dollars) and to strengthen safeguards for depositors

　　In the meantime, U.S. President George W. Bush and visiting Italian Prime Minister Silvio Berlusconi also vowed Monday to take action to rescue the global economy amid the world financial crisis, after seeing European countries' efforts.

　　Active measures and coordinated actions by the European countries infused excitement into the world's major stock markets.

　　The Dow Jones industrial average, which lost nearly 2,400 points over eight sessions, was up more than 400 points above 8,800.

　　The FTSE 100 index in the London stock market jumped about 5 percent Monday opening and more than 4 percent by midday.

　　Germany's stocks opened higher Monday on the Frankfurt Stock Exchange, with the DAX index of 30 big companies rising by 4.86 percent; the index of medium-sized firms, MDAX, up 7.87 percent and the TecDAX, 8.50 percent.

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