ECB calls for 'concerted and comprehensive action'

In a statement from the European Central Bank regarding the eurozone crisis, the bank states there needs to be ''concerted and comprehensive action" to halt the "downward spiral" with "pernicious interplay".

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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.