Here's a look at the global governments' rescue acts to cope with the sprawling financial crisis.

US:

On October 3, the US Congress approved a $700 billion government bail-out to buy up Wall Street's toxic debt. The Federal Reserve made two half point interest rate cuts during October that left rates at 1.0 percent. On November 11, the Federal Housing Finance Agency said it would help struggling homeowners by lowering payments on mortgages held by Fannie Mae and Freddie Mac. The following day, Treasury Secretary Henry Paulson said the $700 billion bailout would not, after all, be used to buy bad up debts; instead the government would take stakes in troubled banks and financial institutions. With General Motors facing possible bankruptcy by Christmas there are calls from Democratic Party legislators for the bailout plan to be extended to the car industry.

Canada:

Finance Minister Jim Flaherty announced the government would buy C$75 billion (US$60 billion) in insured mortgages from banks in order to stimulate bank lending. He stressed that in contrast to the situation in the USA, the mortgages being bought are not toxic debt.

Chile:

On November 4, Chile announced a $1 billion stimulus plan to help middle-income families and small businesses survive the global financial crisis. President Michelle Bachelet said $500 million would allow Chile’s state-owned BancoEstado to boost credit to businesses. The other half would be used to subsidize home buying by middle-income families and in turn boost the construction industry.

Australia:

The Reserve Bank of Australia has injected $1.8 billion into the banking system and cut its interest rate by two percentage points since September to 5.25 percent. The RBA is allowing banks to use securitized home loans and commercial paper holdings as collateral for 6 month and 12 month repurchase deals, in order to boost liquidity.

UK:

On the October 8, 2008 the British government announced a bank rescue package worth ￡500 billion ($850 billion) including ￡200 billion in short term credit from the Bank of England, and ￡250 billion in loan guarantees to temporarily underwrite lending between banks. The government also said it would inject at least ￡25 billion, up to a total of ￡50 billion, additional capital into the UK's eight largest banks, in return for government stakes. The Bank of England cut interest rates by half a percentage point to 4.5 percent in October and, in a move that surprised markets, by 1.5 percent to 3 percent on November 6, amid signs of a deep and prolonged downturn.

Iceland:

Iceland is one of the biggest victims of the global financial crisis, with Prime Minister Geir H. Haarde warning that Iceland risked "national bankruptcy.” The government has taken control of the country’s three major banks: Kaupthing, Landsbanki and Glitnir. Meanwhile, the Bank of England said it would lend Landsbanki $172 million to ensure that British deposit holders get their money back. Landsbanki is the parent company of Icesave, an online bank that offered savings accounts in Britain. Iceland has reached a "tentative" agreement on a $2 billion IMF loan. But it says it needs an additional $4 billion. Foreign Minister Ingibjorg Solrun Gisladottir has said the crisis could force the country to rethink its long-standing opposition to joining the European Union.