Europe

Spanish banks will be required to find another €50bn in provisions to make up for ‘bad property assets' as the government carries out further reforms on the financial sector.

Hungarian bond yields soared above 10% yesterday after the government cancelled a bond swap auction, increasing fears the country will be the first in the EU to default on its debt.

The Swiss National Bank (SNB) has been forced to publish its central bankers' code of ethics after the governor's wife became embroiled in a franc swap scandal.

US stocks climbed overnight on upbeat economic data and a successful Spanish bond auction, lifting investor hopes of the fabled year-end 'Santa Claus rally'.

ON EUROPE

It is indeed ironic that it was the French Emperor, Napoleon, who once said "Never interrupt your enemy when he is making a mistake." I wonder whether this thought was echoing in David Cameron's head as he decided to use Britain's veto?

THE EUROZONE

As 2011 draws to a close, it would be nice to report on some sort of conclusion to the eurozone crisis.

Barclays was among six global banking groups to be downgraded by Fitch last night, with the ratings agency pointing to challenging financial markets.

EU TREATY VETO