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The EU will this week urge eurozone states caught in the debt crisis to club together to guarantee each other's debts.
Fallout from the eurozone debt crisis has sent shockwaves across worldmarkets with impact from the news that Spain has received a creditdowngrade along with Greece and Portugal reaching Asian economies.
Europe's main stock markets and the euro currency fell, with better than expected European growth data overwhelmed by persistent concern over eurozone debt woes.
Slovakia has finally ratified the eurozone bailout fund, removing a major obstacle to the single currency area's battle against the raging debt crisis.
Eurozone finance ministers have sealed a deal for a massive new bailout of Greece, including a major write-down of privately-held Greek sovereign debt, an EU official says.
Spain and Cyprus have made formal bailout requests at the start of a pivotal week for the troubled eurozone.
Eurozone leaders will hold an emergency summit on Monday to try to avert a Greek default after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remain deadlocked over a debt deal.
The European Central Bank says 25 eurozone banks have failed a stress test intended to determine their financial stability.
The Bank of England is urging preparations for a eurozone collapse, while also revealing that the government was warned in 2011 about a banking crisis.
The positivity off the weekend’s news that Spain’s banks will receive rescue loans of up to 100 billion euros from eurozone finance ministers appears short-lived.
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