Europe

Moody's has slashed Ireland's credit rating, and warns more downgrades are set to follow.

EUROZONE DEFAULT A CERTAINTY

DOES EUROZONE CONTAGION MATTER?

European Union leaders have agreed to set up a permanent mechanism to bail out any member state whose debt problems threaten the 16-nation eurozone, the BBC reports.

ON EUROPE

Ireland's economy saw a return to growth in Q3, with GDP up 0.5% on the previous quarter.

Skandia Investment Group's chief executive Nils Bolmstrand is stepping down from his role a year after taking the reins from Jamie MacLeod.

Germany has refused to give any ground on Europe's rescue machinery despite the escalating political and economic crisis across much of the eurozone periphery, guaranteeing a bitter clash with EU partners at a crucial summit in Brussels today.

The dollar rose against major currencies yesterday following more upbeat US economic data, while the euro took a beating after Moody's placed Spain's ‘Aa1' credit rating on review for a possible downgrade.

THE BIG QUESTION