Bank of England says UK needs more capital
Source: Telegraph. Members of the Financial Policy Committee (FPC), the Bank’s risk regulator, “judged that the overall capitalisation of the banking system was unlikely to be sufficient for stability to be assured” if there were “severe but plausible” developments in the sovereign debt crisis, according to minutes of last month’s meeting. The committee was also
Spain: more austerity?
Speaking at a conference outside Madrid today, Spanish Prime Minister Mariano Rajoy said that Spain’s 17 autonomous regions must also accelerate their efforts to cut spending. He is expected to unveil additional budget measures to Spain’s parliament on Wednesday including a rise in VAT, as well as benefit cuts for public sector workers. Eurozone leaders agreed
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