Governments around the globe, which have been injecting billions of dollars into their economies in an attempt to contain an economic downturn, are finally seeing what appears to be success, Reuters reported.

In total, global governments have allocated more than $3.3 trillion – about equal to the economic output of Germany – to faltering banks to help revive bank-to-bank lending, protect deposits or prevent bankruptcy.

“There’s a perception that the crisis squeeze could be beginning to abate thanks to measures from global authorities over the past few weeks,” said Philip Shaw, chief economist at Investec.

Wall Street prepared today for its first relatively calm Monday since Lehman Bros. Holdings Inc. collapsed in mid-September, as banks began lending to one another again. But despite eased nerves, global markets are reporting slowed growth.

The Bundesbank said Germany’s economy probably stagnated in the third quarter, China reported eased economic growth in the third quarter, and in India, the central bank unexpectedly cut its key lending rate for the first time in four years.

“Whilst we are clearly not out of the woods yet, investors are looking for anything to hang their hats on,” said Chris Hossain, senior sales manager at ODL Securities.

Other countries have recently announced bailouts. South Korea said that it would implement a $130 billion rescue package, and the Dutch government agreed to a 10 billion euro cash injection into financial giant ING Groep NV on Sunday. Sweden outlined a plan worth more than 1.5 trillion kronor ($270 billion) that would go toward credit guarantees and a bailout fund.