Osborne criticises Spain bailout

George Osborne has said the failure of the Spanish bank bailout is "depressing" as the banks had to be directly recapitalised into to convince the markets of its credibility. Spain's borrowing costs have hit the highest level for 13 years.

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Cyprus may seek a bailout

Eurozone member Cyprus has strongly hinted it may have to apply for an international bailout before the end of June.

Finance Minister Vassos Shiarly said: "The issue is urgent. We know the recapitalisation of the (island's) banks must be completed by June 30, and there are a few days left".

Cyprus is under growing pressure to apply for aid to salvage its second-largest lender Cyprus Popular Bank, bowed by its exposure to debt-crippled Greece.

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