Global markets are rallying after an historic multi-billion dollar European rescue plan of financial markets and European banks.

Media outlets across the world are following EU policy makers and their monumental decision.

We’re highlighting coverage from France 24, CNN, Times Online, CNBC and the Wall Street Journal.

On Sunday, Europe’s political heads convened in Paris to map out a global economic plan.

France 24 saw the event as a major step in curbing the financial crisis.

"Well first, this G7 is the only glimmer of hope really for investors battered by this wave of panic selling on world markets. It’s the first time finance ministers and central bankers from the group of seven major industrial nations are meeting since the financial meltdown accelerated last month. Now they’ll try to take concerted action on the crisis that has destroyed lenders from Wall Street to Germany and now Iceland."  (www.france24.com)

Germany, France, Spain and the U.K. all announced packages to inject billions of Euros into banks to ensure lending and restore confidence in European markets.

CNN pointed out the two most important provisions of the European plan.

"Basically the most important points are, one of them you already mentioned, is that they are going to guarantee that no individual bank in their countries will be allowed to fail. That their government will go in each country will go to the rescue of banks that are in a fragile condition perhaps by buying shares to pump liquidity into the bank. The second most important measure, I would say, in the list of measures that they’re going to be taking is that they’re going to guarantee interbank loans which is to say the market really dried up, the kind of lending that goes on between banks pretty much stopped now governments are going to guarantee those loans that goes between banks that should get the system up and running again." (cnn.com)

Two weeks ago, the United States also unveiled a massive bailout plan. But the move failed to produce the same confidence and market boost as the European announcement.

Times Online echoed concerns about the success of the U.S. plan, and internal pressures coming from the Treasury Department to begin the bailout before the presidential election.

“The Times has learnt that senior officials at America's central bank doubt that the bailout fund will work unless it is launched in some form in the next two weeks.

At the moment, the US Treasury, which controls the fund, is working to a five-week schedule to get the rescue package up and running. Under current plans, the bailout fund is not expected to buy its first distressed mortgage-backed bonds until after the US presidential election on November 4.” (timesonline.co.uk)

Analysts and financial experts are already speculating on how the EU’s move will affect the American solution.

CNBC gives this prediction.

"Here's what we know is in the plan. They are going to buy shares in banks, a program out there comprehensively for all banks to take advantage of and credit unions and savings and loans. And the inter-bank lending guarantees, that's part of it. What's next is what I'm speculating could be in the plan. Broader deposit insurance. might have to go higher because the Europeans did. You'll notice that Britain and Germany is going to be guaranteeing new bank debt. We may have to do that, too." (cnbc.com)

And in an interactive report, the Wall Street Journal examines the global impact of market failures on the major indexes and currencies of world economies.

The package shows that investor flight from smaller world markets is feeding into global economic downslides across the board.

Readers are able to scroll across drops in major indexes and currencies within the last three months. (wsj.com)

Will the European model provide the stability needed to reverse the current financial crisis?  We invite you to explore our links and give us your perspective.