LONDON (AP) — Asian and European stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears that the global financial crisis would depress world economic growth.

Investors took scant comfort from Washington's passage on Friday of a US$700 billion rescue plan for banks, both because of the uncertainty hanging over the details of the deal and the degree to which it will help. In Europe, more bank bailouts in Germany and Belgium fed investors' fear.

By midafternoon Europe time, Britain's benchmark stock index, the FTSE 100, lost 245.70 to 4,734.55 — a 4.93 percent fall. The declines were led by the banking industry, with the mining and oil industries also suffering drops. HBOS PLC's share price dropped 13.4 percent, while the Royal Bank of Scotland Group PLC fell 14.6 percent.

Germany's DAX index fell 5.23 percent to 5,493.95. France's CAC-40 index dropped 5.59 percent to 3,852.63. In Russia, trading in shares was suspended after the RTS stock index fell more than 15 percent. Iceland's exchange was also closed while the government rushed to draft a plan to deal with the financial turmoil's impact on its over-leveraged banking sector.

European governments have moved to save troubled banks, and are making more promises to protect depositors from the credit crisis.

Germany on Sunday agreed a 50 billion euros (US$68 billion) package to bail out Hypo Real Estate, the country's second-biggest commercial property lender, after a rescue plan by private lenders fell apart.