Eurozone banks at risk of £165bn write-downs

In its latest Financial Stability report, the ECB says public finances pose the biggest threat to the eurozone, the Telegraph reports. "We are experiencing now a second wave of write-downs, which relate to the performance of loans," the ECB's vice-president Lucas Papademos said. The report comes as figures show May was the worst month for European stock markets since February 2009, because of fears about a sovereign debt crisis in the region. The FTSE 100 lost around 365 points, or 6.6%, in May which is the worst monthly performance since a 7.7% fall in February last year during th...