Germany

Adair Turner has spent more than £66,000 in the past 15 months flying around the world as FSA chairman - largely because he never flys any lower than business class.

German Chancellor Angela Merkel has said Europe is facing a race against time to save its indebted European banking system, warning investors risk being hit by deeper losses before the EFSF steps in.

German MPs have voted in favour of increasing the country's commitments to the European Financial Stability Facility as part of an expansion of the bailout fund.

Major US indices are trading 1.5% higher as shares follow UK and European markets upwards.

Both Germany and France have ruled out common eurozone bonds as a solution to the bloc's debt crisis, the FT has reported.

Cavendish CIO seeks growth companies that outperform in all market conditions Cavendish focuses on growth with global scope.

Moody's has cut Greece's credit rating by three notches following the agreement of a new rescue package for the stricken country.

The EU and IMF have reached a deal on Greece which should prevent a default, but will involve a new round of austerity measures for the beleaguered nation.

Tension between the European Central Bank and the German government has intensified as Jean-Claude Trichet hit back at the German finance minister's claims Greek government bondholders should contribute to a new aid programme.

Germany is urging Greece to extend the maturity of its debt by seven years, clashing with the European Central Bank's view that forcing investors to take a loss could damage the eurozone.