euro

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

Eurozone finance ministers agreed to allow the EFSF to fund partial protection on government bonds, but plans to extend overall funding to the €1trn target were dealt a blow last night.

Around 42% of hedge fund managers see the potential for a default or restructure by Italy and Spain, according to a survey.

Europe may see a ‘twin track' single currency emerge as the sovereign debt crisis unwinds, said Schroders' Richard Buxton.

The International Monetary Fund (IMF) today denied reports it is planning a £500bn rescue package for Italy and Spain.

European equity markets and the euro fell deeper into the red today as Germany failed to attract buyers to its latest government debt auction.

Global markets were spooked by Spanish bond yields spiking to near-critical levels, with many indices posting losses of more than 1% overnight, and the FTSE 100 opening 1% lower this morning.

Former prime minister Tony Blair has warned against any break-up of the eurozone as the region takes steps to deal with the most serious challenge it has faced since its formation.

European markets were slightly positive in early trading as new Prime Minister Mario Monti prepares to form a new government to lead the stricken country out of its debt crisis.

Eurozone leaders need to act within the next few days or it will be "game over" for the euro, warned Kames Capital's Phil Milburn.