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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Euro jump as EU aids Spanish banks

The euro jumped this morning after euro zone finance ministers agreed to lend Spain up to $125 billion Credit: Barry Batchelor / PA

Shares, commodities and the battered euro jumped this morning after euro zone finance ministers agreed to lend Spain up to $125 billion to shore up its struggling banks, relieving markets that had feared for the country's fiscal collapse.

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