Eurozone crisis intensifies as Spain bails out major bank

Spain has unveiled plans to clean up its stricken banking sector in an attempt to prevent the economy from derailing.

The Spanish government announced plans to bailout Bankia, the country's third biggest bank, with an injection of approximately €10bn, according to Reuters. The Spanish government is trying to avoid going down the same path as Ireland, which needed an international bailout to stabilise its debt-laden banking sector. Bankia holds 10% of Spanish deposits, and has already received more than €4bn in government aid. The state bailout is a major U-turn from the Spanish government, which has previously ruled out overhauling the sector. Last year, Spanish Prime Minister Mariano Rajoy ins...