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A surprise deal between eurozone countries is struck at a Brussels summit allowing bail-outs to directly support distressed banks, rather than making national governments taking on the burden.
With world leaders at the G20 summit putting pressure on eurozone countries to sort out their problems, Channel 4 News looks at the action they are taking.
Gary Gibbon
Remember when Gordon Brown was claimed to have pleaded for an Obama face-to-face and didn’t get it – he was roasted by the press and (as we discovered at Leveson) very unusually lost his temper. Well, David Cameron’s bi-laterals at this world gathering will be with the leaders of Russia and Indonesia. He’s hoping fora chat with India’s prime minister but it wouldn’t be a long one if it happened.
Gary Gibbon
G20 delegates are going to bed as the UK wakes up, writes Gary Gibbon.
World leaders at the G20 meeting in Mexico are queuing up to tell the eurozone its problems are beginning to hurt them. But are their problems home-grown?
As G20 leaders in Mexico urge Europe to take act to end the eurozone debt crisis, EU Commission President Jose Manuel Barroso declares that the crisis originated in the US.
Gary Gibbon
Gary Gibbon blogs on what will be a eurozone dominated G20.
As the eurozone crisis consumes billions of pounds and leaves people fearing for their jobs, it has given people one thing – a totally new vocabulary.
Spain’s downgrade to one level above junk has Europeans worried the country may need much more than the 100bn euros earmarked for its basketcase banks.
Uncertainty about the future of the eurozone is killing off a UK economic recovery already threatened by high oil prices and Britain’s debt burden, says the Chancellor George Osborne.
Prime Minister David Cameron pledges that he will not ask British taxpayers to underwrite the debts of ailing banks in Greece and Spain.
Why has the Bank of England decided against printing more money despite a recession in Britain, an intensification of the eurocrisis and advice from the IMF that now is the time to act?
With fears that Spain’s banks may need to be bailed out, Channel 4 News looks at the state of the banking sector in Britain.
Europe is threatened by an acute crisis in Spain’s banking system and predictions seen by Channel 4 News suggest a 50 per cent fall in house prices could force Spain to seek an international bailout.
This seems a game of the Greek left versus the Bundesbank, for the soul of the eurozone.