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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Greece to 'seek better bailout terms'

Greece can seek a better deal from Europe for its own rescue after Spain won lenient bailout Credit: Reuters

The main political parties of Greece have agreed that Greece should seek a better deal from Europe for its own rescue after Spain won such 'lenient' bailout terms.

Athens News is reporting that Syriza, set to become the main political party after the June 17 elections, said the Spanish deal proved that austerity imposed by international lenders had failed. Syriza spokesman Panos Skourletis said:

"Developments in Spain fully vindicate us in our reading of the crisis: this is a deep structural crisis of the eurozone itself. The discussions in Europe open new perspectives for Greece and the euro zone."

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