Spain banks rescue fails to restore confidence

Eurozone finance ministers eyed an up to 100-billion-euro ($125 billion) strings-attached rescue of Spain's distressed banks at emergency talks on Saturday.With banks in the eurozone's fourth largest economy hobbled by heavy losses on real estate, finance ministers in the 17-nation Eurogroup held an emergency conference call to outline a rescue deal for Spain."The amount on the table at the moment is as much as up to 100 billion euros but this hasn't been decided yet," a senior EU official told AFP on condition of anonymity.

It’s a measure of the mishandling that this drop of an economy, just 1.1m people and 0.2pc of eurozone GDP, has been able to trigger such a tsunami, reports The Telegraph.