FINANCIAL TIMES: Even as eurozone finance ministers unanimously approved a loan package of up to €100bn to repair its banks, a surge in the country’s bond yields suggested that doubts about its financial position were rapidly mounting.
The approval by the eurozone’s 17 finance ministers was granted on a conference call on Friday and was considered a formality after they reached a political agreement with Spain earlier this month.
But any positive sentiment from the announcement was undermined as Madrid on Friday revised its growth forecast for 2013 downward. The government said it now expected the economy to contract 0.5 per cent next year instead of growing 0.2 per cent, with unemployment remaining at about 24 per cent… (more)
