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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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European markets expected to surge today

European markets are expected to surge today after eurozone finance ministers agreed to lend Spain up to $125 billion to help its battered banks.

Financial spreadbetters predicted the following:

  • Britain's FTSE 100 to open about 99 points higher, or 1.8 percent.
  • Germany's DAX to jump 159-161 points, or as much as 2.6 percent.
  • France's CAC-40 to climb 60 to 64 points, or as much as 2.1 percent.

But investors are expected to remain cautious with the focus set to shift to Greece's re-run election on June 17 which could determine whether the country stays or leaves the eurozone.

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