Europe

Cyprus has told European authorities it intends to apply for a bailout, making the country the fifth eurozone country to request international aid.

Moody's Investors Service has downgraded the credit rating on 28 Spanish banks, including Banco Santander, less than a month after cutting the nation's sovereign rating.

UK bank shares have jumped following last night's announcement of a £100bn stimulus package for the UK economy.

The Bank of England (BoE) is to launch new stimulus packages in a bid to get the economy moving again.

A €100bn deal to shore up Spain's banking sector has boosted the euro and financial markets.

The Chancellor, George Osborne, is taking legal action against the EU over plans to give a pan-European superviser far-reaching powers to ban or limit the short-selling of financial products, the Financial Times reports.

The British Chamber of Commerce (BCC) has revised down its forecast for economic growth this year, from 0.6% to 0.1%

Furious Greek citizens have attacked Christine Lagarde, head of the International Monetary Fund (IMF), after she accused some of "trying to escape tax."

Uncertainty in the eurozone will remain "for the next few years" and continue to act as a drag on the UK economy, Bank of England (BoE) policymaker Spencer Dale has been quoted as saying.

Citigroup's top economist Michael Saunders has forecast Greece will exit Europe's single currency on 1 January 2013, and its new currency will immediately depreciate by 60%.