Economics / Markets

A report has criticised Iceland's authorities for failing to lessen the damage of the collapse of its banking system collapse and for "missing an opportunity" to protect UK depositors.

The Dow Jones opened above 11,000 for the first time since September 2008 as investor confidence surged on the back of an agreement to provide a loan package for Greece.

Prime Minister Gordon Brown today described the upcoming General Election as "the first post-crisis vote and the most important in a generation".

The FTSE has continued Friday's sharp rise in early trading - up 20.99 points (0.36%) at 5,791.97 - buoyed by the eurozone's agreement to offer a £30bn loan package to Greece.

The FTSE is heading for a sixth straight weekly gain amid speculation a bailout for Greece is imminent.

High-profile fund managers have labelled the upcoming General Election as "irrelevant", believing any result will do little to derail the UK stock market's strong recovery.

Interest rates have been kept on hold at 0.5% by the Bank of England.

The FTSE traded 56 points, or 1%, lower this morning at 5,705.49 after a downbeat assessment of the US recovery from former Federal Reserve chairman Alan Greenspan.

The management of the Government's strategy for helping people in debt has been branded a "complete failure" by a committee of MPs.

Former Federal Reserve chairman Alan Greenspan has defended his economic policy record at a US congressional hearing into the financial crisis.