Economics / Markets

Markets in Europe were selling-off across the board today as Spain's banking crisis deepens.

The Bank of England (BoE) is likely to be urged today to take on a full range of powers under its new regulatory remit, including a controversial right to restrict mortgage lending during a housing boom.

The Serious Fraud Office (SFO) is being asked to explain why it dropped a fraud investigation against a hedge fund manager who was later fined £3m by the Financial Services Authority (FSA) for deceiving clients.

Investment bank Morgan Stanley has warned the ramifications of Greece exiting the euro are more serious than markets are anticipating, with a full-scale eurozone collapse now more likely.

The Financial Services Authority (FSA) is telling banks, building societies and credit unions to publicise more prominently the guarantee schemes which apply to their customers' deposits.

FIVE THINGS

Furious Greek citizens have attacked Christine Lagarde, head of the International Monetary Fund (IMF), after she accused some of "trying to escape tax."

Uncertainty in the eurozone will remain "for the next few years" and continue to act as a drag on the UK economy, Bank of England (BoE) policymaker Spencer Dale has been quoted as saying.

CONDENSED

Citigroup's top economist Michael Saunders has forecast Greece will exit Europe's single currency on 1 January 2013, and its new currency will immediately depreciate by 60%.