Spain

International currency specialist HiFX is warning that the initial reaction of relief to the results of the Greek elections will be short-lived.

The current crisis in Spain will result in Spanish bank bondholders taking severe haircuts, after a similar scenario in Ireland last year, Henderson Global Investors says.

Despite persistent fears of debt spreading around the globe, the number of affluent individuals worldwide are predicted to rise by as many as 20 million per year. India is tipped to climb within the top 10 wealth markets' table.

Spanish government bond yields have shot through the danger level of 7% as fears grow its debt could soon be rated as junk.

The yield on Spanish government debt is racing higher this afternoon despite the move by the European authorities to spend €100bn bailing out the country's banking system.

Europe's major markets climbed on the first day of trading after Spain was granted a €100bn bailout for its banking sector.

A €100bn deal to shore up Spain's banking sector has boosted the euro and financial markets.

Spain is facing the gravest danger since the end of the Franco dictatorship as the country is frozen out of global capital markets and slides towards an epic showdown with Europe.

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

EUROPE