New debt woes push Spain closer to bailout

Spain took another lurch towards the financial abyss yesterday as fears of a full-scale bailout sent its borrowing costs soaring and shares across the world tumbling.

The financial pressure on recession-hit Spain ratcheted up further today

Spain bailout fears intensify

Investors ran for cover today as fears that Spain was next in line for a full-blown government bailout intensified.

Leading article: A sick banking culture that cannot be tolerated

Fining a bank has little effect. What is required is naming and shaming

Sceptics turn against Spain bailout hopes as the rally falters

Bond markets fall back after initial euphoria and European Central Bank gets tough on clearing up huge property debt

Leading article: Ireland's Yes drowned out by Spain

The decisive Yes on the eurozone fiscal compact is meaningful enough for Ireland itself, signalling both a clear-eyed assessment of the country's debts and a commitment to its place in the single currency. It means even more for the rest of Europe, however. As the first to vote on the treaty, Ireland has set the tone.

Socialist leader Evangelos Venizelos with President Karolos Papoulias

Last-ditch bid to form coalition after socialist leader hands back mandate to Greek president

Greece's president will meet with political party leaders on Sunday in a last-ditch effort to broker a deal for a coalition government and avoid another general election.

Wet bank holiday in Britain

Damp weekend adds to washout on high streets

Sales hit record low as people stay at home and take shelter from the continuing wet weather

Versace shows a clean pair of heels on catwalk and in the boardroom

After dark times following the murder of founder Gianni, the fashion firm has turned the corner and is back in profit

Questions raised over Lloyds sell-off plan

A major question mark was raised over plans by state-backed Lloyds Banking Group to sell 632 branches to Co-op bank after Lloyds said the deal was proving "highly complex" and that a further market update would be needed within the next three months. Lloyds made the admission alongside plans to create 500 new jobs to help service the business when it is spun off from Lloyds.

Portugal hit by austerity strike

A strike by Portugal's largest trade union confederation forced the cancellation of most public transport services today as well as hitting schools and hospital services.

Greece secures bailout to avoid debt default

Greece won a second massive financial bailout in the early hours of today when its partners in the 17-country eurozone finally stitched together a 130 billion euro rescue, meant to avoid a potentially disastrous default and secure the euro currency's future.

Angela Merkel optimistic Greek bailout can be agreed next week

The leaders of Germany, Italy and Greece are “optimistic” that a deal on a second massive bailout for Athens can be clinched next week, a spokesman for German Chancellor Angela Merkel said Friday.

EU threatens legal action against Hungary

The European Union stepped up the pressure today against Hungary, saying its fiscal policies were unsustainable and threatening legal action over a new constitution that some fear could push the country back into authoritarianism.

George Osborne will detail plans today for a wide-ranging overhaul of the structure of Britain's major banks

Osborne backs 'firewall' to protect consumers

George Osborne will outline plans today for a wide-ranging overhaul of the structure of Britain's major banks, forcing them to separate their high street and investment operations.

George Osborne will detail plans today for a wide-ranging overhaul of the structure of Britain's major banks

Osborne to back bank reforms – but not for eight years

Chancellor pledges to implement Vickers Plan in full in bid to avoid further bailouts

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Despite the result, this is the end of the status quo

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