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You have got this cocktail now with the Greek elections coming this weekend and talk of capital controls over Greece, you have got Italy coming back into the line of fire and then you have got this uncertainty about Spain.<noframe> Twitter: riendja - From <a href="
17.38 Despite a change in odds from bookmaker William Hill earlier, the ECB doesn't expect Greece to leave the eurozone, says deputy president Vitor Constancio: We don't see that happening. For Greece, such a scenario would be a "very, very serious situation".
Asked about recent turmoil in the euro area, Constancio said the concerns focused for the most part on Italy and Spain and had nothing to do with Greece.
Constancio also said it would be "very difficult, if not impossible" for the ECB to assess what might happen if a country were to abandon the euro.
17.17 Last year New York magazine published The Absolute Moron’s Guide to the Euro Crisis, but a lot has changed since then, so it was time for The Absolute Moron’s Guide to the Euro Crisis — Part II.
On the whole, it's a great primer on the crisis so far for those who haven't been following it - we just object slightly to the bit where it calls financial journalists "bored, miserable creatures". They pronounce it “Eeveetha.” This guy named Ignacio took me to a rave and I swear we were dancing until like 7 a.m. Anyway, after months of speculation and hand-wringing, Spain agreed to take a bailout — which some people are calling "Spailout" because it's fun to combine words — that will help it recapitalize its banks. Is that like when you’re texting on an i Phone and you want to type “mark” but it keeps changing it to “Mark” because it thinks you’re talking about your friend Mark and then you scream at Siri, "I'm not talking about Mark, Siri!!! Recapitalization is a fancy way of saying that Spain’s damaged banks needed to raise a whole bunch of money in order to avoid dragging down the entire Spanish economy — not to mention Europe, the United States, and the rest of the money-loving world.
Here's a snippet: Ugh, this Europe thing is still happening? The most recent thing is the Spanish bank bailout, which was announced last weekend. This weekend, Spain finally admitted it needed outside help, and asked the European Union for a big bailout package.
17.01 Fitch warned today that some Spanish bank's loan portfolios could deteriorate, putting even more stress on the sector.
Edward Hugh, an independent economist based in Barcelona, said: This thing is like an express train accelerating towards the buffers in the station.
• Spanish bond yields hit euro-era high of 6.83pc • Merkel: Spain must reform banking sector in return for funds • Cyprus 'asks Russia for €5bn loan' • Osborne: most difficult decision was cutting 50p tax rate • Fitch: Spain will 'significantly' miss deficit targets • UK manufacturing falls by more-than-expected 0.7pc 18.51 More fighting talk from Greece's leftist leader.
Alexis Tsipras has insisted that Greece's bail-out deal would be "history" after Sunday's vote.
He told reporters: The bailout deal is already in the past. 18.40 Paul Tucker, a deputy governor of the Bank of England, has urged the Bank to consider measures to ease tight lending conditions.