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