LONDON (AP) - European governments struggled to find a coordinated response to the crisis sweeping financial markets Monday, as one country after another announced sweeping deposit guarantees on their own to try and shore up their banks. Stock markets plunged.
Iceland joined Denmark in becoming the latest countries to declare a deposit guarantee Monday after a startling announcement by German Chancellor Angela Merkel on Sunday that her government would guarantee all private bank savings and CDs held in the euro zone's single largest economy. "We want to tell people that their savings are safe,'' she said.