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Clive Cowdery, the self-made insurance tycoon who gives away much of his wealth, is considering a surprise bid for the 630 bank branches being sold by Lloyds Banking Group.

Ratings agency Moody's has cut the Republic of Ireland's debt rating to junk status.

UPDATE 9am: Global stockmarkets have almost doubled losses seen in early trading on growing concerns the debt crisis in the eurozone may spread to Italy and Spain.

The downgrading of Portugal's debt to 'junk' status by Moody's earlier this week has led to renewed criticism, this time from the European Commission (EC), of the role and behaviour of credit ratings agencies.

The situation in Greece, and the rest of the European Union, puts a question mark over ETFs with significant European bank stock holdings.

SVM Asset Management's Colin McLean believes the cost of trying to maintain the Eurozone might prove too much for the voters of Northern Europe.

The European Central Bank has indicated it will raise interest rates for a second time in four months at next week's meeting.

The FTSE 100 was down more than 1.3% in early afternoon trading as weak data from China and ongoing fears for the US economy hit risk assets.

The euro slumped today as eurozone finance ministers postponed Greece's €12bn bailout package until the country implements tougher austerity measures to curb its soaring deficit.

News the EU and IMF have reached a deal on Greece which should prevent a default have failed to calm markets, as the beleagured nation faces a new round of austerity measures and a government reshuffle.