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Financial markets are tumbling throughout Europe
Britain's Bradford and Bingley bank and European financial giant Fortis have both been partially nationalised as ongoing financial turmoil sweeps across the continent.
Bradford and Bingley has become the second British bank, after Northern Rock, to be rescued by the government - this time in partnership with the Spanish bank Santander.
The UK government now controls the banks £50bn of mortgages and loans, while Santander will take over the branch network.
British Prime Minister Gordon Brown explained why the deal was necessary:
Listen Listen to Gordon Brown (29 secs)
Meanwhile Fortis, based in Belgium, the Netherlands and Luxembourg, has been given almost £9bn by the governments of the three states to save it from possible collapse.
The BBC's Andrew Walker examined the most recent turmoil:
Listen Listen to Andrew Walker (2 mins 44 secs)
The World Today also spoke to Virgin boss Richard Branson and asked him what the recent developments mean for capitalism:
