eu

The UK fund management industry faces complete transformation if the financial transaction tax - or Tobin tax - is implemented, commentators have warned.

REGULATION

BONDS

The European Financial Stability Facility (EFSF) has sold €3bn of debt in an oversubscribed auction, passing its first major test of 2012.

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 eurozone could start to break apart this year with countries including Italy and Greece potentially exiting the single currency, a leading think-tank has warned.

EU TREATY VETO

UK Prime Minister David Cameron has threatened to veto plans for an overhaul to the EU treaty on grounds it could damage British interests.

The European Union's economic affairs commissioner has warned leaders they have just ten days to save the euro.

Hungary has lost its investment grade credit rating from Moody's after the country went cap in hand to the International Monetary Fund (IMF).