AUSTRIA:
Background: One of the eurozone's strongest economies which has grown faster than average for the last four years. It exports products such as vehicles and luxury commodities to other European nations and increasingly to newer EU member states such as Hungary.
Data: Gross national income per capita: $42,700 (World Bank, 2007)
Latest: Chancellor Alfred Gusenbauer said on 13 October that his government would provide up to 85bn euros ($114bn) in interbank loan guarantees and up to 15bn euros ($20bn) in equity to support the country's banking sector. The government had already announced a guarantee for all personal bank savings, applicable from 1 October.
BELARUS:
Background: The country became independent in 1991 after the collapse of the Soviet Union. Much of its growth in recent years has stemmed from its access to relatively cheap Russian gas and oil, which it has been able to sell on the international market at a higher price.
Data: Gross national income per capita: $4,220 (World Bank, 2007)
Latest: Belarus has been in talks with the International Monetary Fund to obtain funding in the wake of the recent financial turmoil.
BELGIUM:
Background: With few natural resources, Belgium is reliant on imported raw materials and so is vulnerable to rising commodity prices. Roughly three-quarters of its trade is with other EU countries; Germany, Netherlands and France are its biggest trading partners.
Data: Gross national income per capita: $40,710 (World Bank, 2007)
Latest: The government agreed to guarantee bank deposits of up to 100,000 euros ($136,000) - an increase of 80,000 euros.
The country's largest banking group, Fortis, needed the intervention of the Belgian and Dutch governments and the sale of some of its assets to French giant BNP Paribas, to stay alive after getting into difficulty over the purchase of Dutch bank ABN Amro.
DENMARK:
Background: Danes enjoy one of the highest standards of living in the world thanks to successful exports and extensive government welfare measures. It opted out of the European Economic and Monetary Union but its currency, the krona, is pegged to the euro.
Data: Gross national income per capita: $54,910 (World Bank, 2007)
Latest: The Danish parliament approved a government-backed crisis plan, which includes an unlimited guarantee on savings deposits. The central bank has raised its key interest rate by 0.5 percentage points to 5.5%.
ESTONIA:
Background: Estonia regained its independence after the collapse of the USSR in 1991 and since then has established one of the strongest economies in Central Europe. Its electronics and communications sectors are particularly strong. It joined the EU in 2004 and its currency is pegged to the euro.
Data: Gross national income per capita: $13,200 (World Bank, 2007)
Latest: The government more than doubled its bank deposit guarantee to 50,000 euros ($68,000), in line with other European Union member states.
FRANCE:
Background: Nicolas Sarkozy was elected President in 2007 promising sweeping economic and social reforms to tackle sluggish economic growth and high unemployment. He aims to cut taxes, make employment rules more flexible and rein in powerful trades unions. According to French finance minister Christine Lagarde, the country looks to be heading for recession.
Data: Gross national income per capita: $38,500 (World Bank, 2007)
Latest: The chairman of French savings bank Caisse d'Epargne has quit over the loss of 600m euros (£466m) in a "trading incident" amid global market chaos.
Charles Milhaud said he accepted full responsibility for the lost cash and is expected to leave without a pay-off.
GERMANY:
Background: Once celebrated as Europe's economic powerhouse, recent falling export orders and rising costs have pushed Germany to the brink of recession. The cost of incorporating the German Democratic Republic is also still being felt.
Data: Gross national income per capita: $38,860 (World Bank, 2007)
Latest: On 17 October the German parliament overwhelmingly approved a 500 billion euro ($675bn) financial rescue package. The plan includes a fund to provide up to 400bn euros in interbank loan guarantees and 80bn euros ($109bn) to acquire stakes in troubled banks.
The government stepped in on 6 October to avoid the collapse of Germany's second-biggest commercial property lender, Hypo Real Estate. In an attempt to prevent a subsequent run on banks, the government announced it would guarantee all personal bank deposits in the country.
GREECE:
Background: Greece saw rapid economic change after World War II, thanks largely to the success of tourism and shipping. The country is one of the poorest in the eurozone and the public sector accounts for 40% of GDP.
Data: Gross national income per capita: $29,630 (World Bank, 2007)
Latest: The Greek government said on 3 October it would fully guarantee all bank deposits of citizens, but an official added that this was a "political commitment" and the banking system was not at risk.
HUNGARY:
Background: Hungary's transition from a planned to a free market economy was smoother than for many of its former Soviet neighbours. By 1998 it was attracting nearly half of all foreign investment in the region, much of it from Germany. It has struggled with a low employment rate and a large budget deficit.
Data: Gross national income per capita: US $11,570 (World Bank, 2007)
Latest: On 28 October it emerged that Hungary has been granted a rescue package by the IMF, the EU and the World Bank worth $25bn (£15.6bn).
ICELAND:
Background: After gaining independence in 1944, Iceland become one of the wealthiest nations in the world. Its prosperity initially rested on the fishing industry, but amid the gradual contraction of this sector, the financial sector expanded dramatically overseas. Before the global credit crunch took hold, Icelandic banks had foreign assets worth about 10 times the country's GDP, with debts to match.
Data: Gross national income per capita: $54,100 (World Bank, 2007)
Latest: Iceland's central bank increased its key interest rate from 12% to 18% on 28 October, saying it was part of its agreement with the International Monetary Fund (IMF) to borrow $2.1bn.
On the same day, Iceland's prime minister said the country needed to borrow about $4bn on top of the IMF loan and had approached the European Central Bank and the Federal Reserve as well as its nordic neighbours for help.
On 24 October it became the first Western nation to go to the IMF for support since 1976. Negotiations with Russia for a big loan to support the country's banking system had earlier collapsed.
Iceland got in financial difficulties after it took over its three biggest banks: Landsbanki, Kaupthing and Glitnir.
IRELAND:
Background: Since joining the European Community in 1973, rapid growth has transformed Ireland from a largely agricultural society into a modern, hi-tech economy. Its rapid growth, fuelled by foreign investment and a construction boom, saw it dubbed the Celtic Tiger. This year however, it became one of the first eurozone countries to slide into recession.
Data: Gross national income per capita: $48,140 (World Bank, 2007)
Latest: Ireland was the first government to come to the rescue of its citizens' savings, promising on 30 September to guarantee all deposits, bonds and debts in its six main banks for two years.
The move initially prompted consternation among some European partners, but other countries have since followed suit.
ITALY:
Background: One of the largest European economies, Italy's major industries - including motor vehicles and fashion - enjoy international success. Its rate of economic growth, however, has lagged behind the European average with high rates of unemployment, particularly in the south.
Data: Gross national income per capita: $33,540 (World Bank, 2007)
Latest: Finance Minister Giulio Tremonti said on 13 October that the government would spend "as much as necessary" to support his country's financial institutions. The governor of the Bank of Italy, Mario Draghi, meanwhile announced it would temporarily swap up to 40bn euros ($54bn) of bonds for Italian bank debt.
On 8 October, Prime Minister Silvio Berlusconi said the government was prepared to buy stakes in failing banks while waiving voting rights in an effort to guarantee stability. It would also step in to back deposits up to the current insured level of 103,000 euros ($141,000) if necessary, he said.
NETHERLANDS:
Background: The Netherlands is one of the world's biggest exporters of food products thanks to its highly mechanised agricultural sector. After two decades of strong growth and low unemployment, the economy ran into more troubled waters as global trade slowed in the early years of the new millennium.
Data: Gross national income per capita: $45,820 (World Bank, 2007)
Latest: The Dutch government provided a 3bn euro ($3.8bn; £2.4bn) cash injection to the insurer Aegon on 28 October.
Previously it had given ING a 10bn euro ($13.4bn; £7.7bn) cash injection.
The government is also offering a 200bn euro package of loan guarantees to Dutch banks.
NORWAY:
Background: Norway enjoys one of the highest standards of living in the world, in large part due to the discovery in the late 1960s of offshore oil and gas deposits. It is among the world's largest exporters of fuels and fuel products. Some of the considerable surplus revenue is in a fund, which has been valued at $250bn, which is invested abroad.
Data: Gross national income per capita: $76,450 (World Bank, 2007)
Latest: On 29 October, Norway's central bank cut interest rates by 0.5%, to 4.75%. It also revised down its forecast for economic growth for 2008, from 3.25% to 2.5%.
POLAND:
Background: In 1989, the year communist rule ended, Poland was struggling with massive foreign debt and on the verge of economic collapse. After a difficult period of economic liberalisation, it enjoyed fast economic growth - expanding by 6.5% in 2007. Membership of the EU in 2004 saw funds flow in to the country and workers flow out to other member states.
Data: Gross national income per capita: $9,840 (World Bank, 2007)
Latest: The government has been meeting to assess the eurozone financial rescue agreement, while the central bank has been preparing a package to help build confidence in the Polish banking sector.
PORTUGAL:
Background: Portugal is continuing the process of liberalising its sluggish economy. Jose Socrates' Socialist Party, elected in 2005 after promising to revive the country's fortunes, has sharply cut spending by reducing pensions, raising the retirement age and withdrawing civil service benefits in an attempt to reduce one of Europe's biggest budget deficits .
Data: Gross national income per capita: $18,950 (World Bank, 2007)
Latest: The government said it would guarantee bank deposits and offer a financing line worth 20bn euros ($27.5bn) to guarantee the liquidity of its banks.
RUSSIA:
Background: Russia is a country of massive natural resources. High commodity prices and an expanding banking sector have helped it develop into a fast-growing economy and to accumulate large foreign reserves. It has expanded by an average of 7% a year since the financial crisis of 1998.
Data: Gross national income per capita: $7,560 (World Bank, 2007)
Latest: The upper house of parliament, the Federation Council, passed a law on 13 October giving the state-run Bank for Development and Foreign Economic Activities (Vnesheconombank) 1.3 trillion roubles ($50bn) to pay off or service Russian banks' foreign loans. It came after President Dmitry Medvedev announced 950bn roubles ($36.4bn) of long-term help for banks at an emergency Kremlin meeting on 7 October.
SPAIN:
Background: Spain grew quickly in the decades following the death of dictator General Franco in 1975 as its economy was transformed. After the Europe-wide recession in the 1990s, Spain enjoyed relatively strong growth thanks to further liberalisation and by a construction boom which is cooling rapidly . The government has managed to bring down Spain's stubbornly high unemployment rate in recent years.
Data: Gross national income per capita: $29,450 (World Bank, 2007)
Latest: Spanish Prime Minister Jose Luis Rodriguez Zapatero announced on 13 October that his government would set aside a maximum of 100bn euros ($134bn) to guarantee interbank loans for the remainder of 2008. But Mr Zapatero said the government would not, for now, take steps to recapitalise Spanish banks, because "we do not have solvency problems".
On 10 October, the government announced the creation of a 30bn euro ($40bn) fund to buy assets from Spanish financial institutions to help stabilise them and unfreeze credit. Three days earlier, it had increased bank deposit guarantees to 100,000 euros ($136,000) from the current 20,000 euros.
SWEDEN:
Background: Sweden survived its own credit crunch in the 1990s when house prices slumped and unemployment and bankruptcies rose rapidly. The government injected capital into failing banks and guaranteed depositors and creditors of stricken banks. Most of the money was regained as the economy recovered.
Data: Gross national income per capita: $46,060 (World Bank, 2007)
Latest: The Swedish central bank cut interest rates by half a percentage point to 3.75% on 23 October, its second reduction in just over two weeks, and said it planned further cuts within six months.
Sweden has guaranteed new medium-term liabilities of banks up to a level of 1.5 trillion crowns (£117.2bn; $205bn). It is also putting 15bn crowns into a fund that will be used in case a bank needs emergency capital.
SWITZERLAND:
Background: Its financial sector has helped it become one of the world's wealthiest countries. It manages a third of the world's offshore funds and has been ranked the second most competitive economy by the World Economic Forum.
Data: Gross national income per capita: $59,880 (World Bank, 2007)
Latest: Switzerland takes steps to strengthen its largest bank, UBS, by giving it 6bn Swiss francs ($5.3bn; £3.1bn) in exchange for a 9.3% stake. The bank will also be able to transfer up to $60bn of toxic assets to a fund supported by the Swiss central bank. Credit Suisse was also offered government assistance but was instead able to raise 10bn Swiss francs from global investors to shore up its position.
UK:
Background: Europe's second biggest economy after Germany is dominated by its service sector. London is the largest financial centre in the world. After a period of strong growth spurred by a consumer boom fuelled by credit and a soaring housing market, it is on the brink of a recession after Office for National Statistics' figures showed economic output fell by 0.5% in the third quarter.
Data: Gross national income per capita: $42,740 (World Bank, 2007)
Latest: Following negotiations, the government announced on 13 October that it would inject £37bn ($64bn) of taxpayers' money into three major banks. Royal Bank of Scotland (RBS) is to receive £20bn, a further £17bn will be injected into HBOS and Lloyds TSB "upon successful merger", while Barclays said it would seek an alternative source for £6.5bn ($11bn).
UKRAINE
Background: Following the 2004 Orange Revolution, which established a pro-Western leadership, Ukraine was considered to be a bright star in the Eastern European area. But several years of in-fighting have meant the government has now reached an impasse on various issues. Steel is Ukraine's main export and the country's economy recently enjoyed a boom fuelled by high steel prices. However, the ongoing credit crisis has hit the country hard.
Data: Gross national income per capita: $6,810 (World Bank, 2007)
Latest: A loan from
the IMF
was announced on 26 October. But the $16.5bn (£10.6bn) loan is
dependent on the bitterly divided parliament giving the green light to
several anti-crisis laws, including the establishment of a fund to bail
out the country's banks.
Source: http://news.bbc.co.uk/2/hi/business/7654647.stm