Updated from Sunday, Oct. 5
European governments scrambled to work out rescues for ailing financial institutions Sunday.
Germany said Sunday it would guarantee all private German bank accounts as it arranged a rescue of troubled lender
Hypo Real Estate
The German government and the country's banks and insurers confirmed Sunday they agreed on a 50 billion euro ($68 billion) rescue package for Hypo.
German officials said they took the step to avert a potential panic on Monday after an earlier government-backed rescue plan for Hypo fell apart.
The announcement comes just one day after German Chancellor Angela Merkel
The leaders vowed to prevent bank failures on their own turf.
, agreed to take control of
in Belgium and Luxembourg for 14.5 billion euros ($19.8 billion) after a rescue plan last week for Fortis failed to prevent customers from withdrawing money from the banking and insurance company.
BNP Paribas will pay 9 billion euros in stock and 5.5 billion euros in cash for 75% of Fortis Bank Belgium, all of the Belgian insurance operations, and 67% of Fortis's bank in Luxembourg, the Paris-based bank said, according to
Also Sunday, Italian bank
approved raising 6 billion euros of fresh capital after its shares came under attack last week.
This article was written by a staff member of TheStreet.com.