Euro Crisis : Spain Deal Set for EU Approval

Spain’s much-needing banking system rescue, worth €100 bn, is expected to be ratified by EU finance ministers later today,

The deal was yesterday backed by German lawmakers – although chancellor Angela Merkel was forced to rely on opposition votes yet again.

Continuing problems in the Eurozone were blamed for higher than expected government borrowing figures in the UK.  Britain borrowed £14.4bn last month, compared with £13.9bn in June 2011. City economists had estimated the figure would be closer to £13.4bn.

Net debt in the UK rose to over £1 trillion – a record high of 66.1% of GDP.

Meanwhile, the price of corn hit an all time high Thursday, as did that of soybeans. Wheat has risen 50 per cent in the last five weeks, sparking fears of a widespread food crisis that will hit Europe’s already struggling citizens hard, with grocery bills expected to rocket.

 

 

 

 

 

 

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