Europe

The single currency strengthened against the dollar today as Spain was granted a €100bn EU and IMF bailout to prop up its banking sector.

London's FTSE 100 slipped into the red in early trading this morning after Fitch Ratings cut Spain's long-term credit rating and predicted a slump through 2013.

Fitch has cut's Spain's credit rating by three notches to BBB as estimates for the size of the bailout it needs balloon.

EURO 2012

EUROPE

Billionaire investor George Soros has told European leaders they only have three months to rescue the single currency.

The Chancellor, George Osborne, is taking legal action against the EU over plans to give a pan-European superviser far-reaching powers to ban or limit the short-selling of financial products, the Financial Times reports.

The British Chamber of Commerce (BCC) has revised down its forecast for economic growth this year, from 0.6% to 0.1%

BlackRock's Bob Doll predicts Europe's debt crisis will remain well contained, allowing global growth to continue at a modest pace.

The European Commission is considering offering Spain direct aid from the eurozone rescue fund to recapitalise distressed banks, as the country's government bond yields approach record highs.