Spain

Spanish borrowing costs have fallen sharply at the country's latest debt auction, with demand also strong, after the European Central Bank (ECB) acted to tackle the funding crisis.

Four years after Lehman Brothers suffered the largest bankruptcy in US history, a former vice president at the investment bank has warned the financial system is on a ‘collision course' for another 2008-style event.

J.P. Morgan Asset Management's Nick Gartside bought Spanish 10 year debt as the ECB's bond buying plan, announced last week, means he now knows "the rules of the game".

The euro has hit a two-month high against the US dollar as the European Central Bank's bond-buying plans bolstered the single currency.

Shares across Europe were lower in trading this morning as concerns mounted ahead of a key gathering of central bankers on Friday.

The Spanish region of Catalonia has asked the central government for a €5bn pay-out to help the struggling region, amid the country's latest GDP data showing it is in a deeper recession than feared.

ITALY

Guy Foster, head of portfolio strategy at Brewin Dolphin, discusses the progression of the eurozone crisis in light of the latest policy shift.

Amancio Ortega, the 76-year-old Spanish founder of retailer Inditex which owns clothing brand Zara, has bumped Warren Buffett off his perch as the world's third richest man.

Spanish stocks rallied sharply this afternoon after a technical glitch shut down the country's blue chip index for almost five hours.