Desperate to halt chaos swirling through Europe�s markets, , Britain announced a massive, three-part bailout for its banks on Wednesday, pledging hundreds of billions of dollars to restore confidence in the world�s second-largest financial center.

Spain announced a separate, but far less ambitious, rescue package

The British authorities sought to shift responsibility for the crisis onto what were depicted as profligate American financial players.

�This problem started in America with irresponsible actions and lending by some institutions,� Prime Minister Gordon Brown told a news conference. As a result of the financial crisis, �the global financial market has ceased to function.�

He depicted the British measures as more radical than America�s $700 billion bailout.

�We have led the world today with a proposal to restructure our banking system,� Mr. Brown said. �We are taking the steps that I believe other countries will take in the future.�

A statement from the British Treasury said at least $350 billion �will be made available to banks under the special liquidity scheme,� doubling the size of a credit line from the Bank of England established as the financial crisis began and designed to unlock frozen lending between banks.

Additionally, the British government pledged $87 billion in direct support for eight major banks.

NY Times