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June 6
Spanish economic minister Luis de Guindos has today denied that the country is seeking a bailout of its banking sector.
June 7
UK Prime Minister David Cameron has argued that Germany ‘cannot act alone’ to resolve the eurozone crisis.
June 11
European and Asian stock markets have risen sharply following news of a bailout to rescue Spanish banks.
June 12
Following an initial rise at news of a Spanish recapitalisation of banks, stocks yesterday quickly lost early gains. Spanish and Italian ten year borrowing costs also jumped sharply yesterday after the morning’s initial, short-lived rally.
June 13
UK Chancellor George Osborne has argued that Greece may have to leave the euro to save the troubled currency. Mr Osborne’s comments come after Spanish 10 year government bond yields hit 6.8%, the highest since joining the euro.
June 14
Spanish 10-year bond rates have hit a record high for a second day in a row. News of Spain’s continuing bond troubles comes on day when Italy is set to offer 4.5bn euros worth of bonds for sale.
June 15
All eyes are on Greece ahead of this weekend’s crucial elections. Meanwhile, analysts at investment bank JP Morgan said the Eurozone’s plan to impose strict fiscal regulations on member states would fail to reach its goals, being ‘too little, too late’.
June 18
A pro-bailout coalition government could be formed in Greece following the second election in six weeks. The centre-right New Democracy party gained the largest vote share with 29.5% with the pro-bailout socialists and former governing party Pasok on 12.3%.
June 19
Early news from the G20 summit in Mexico reflects rising global alarm over the ongoing euro crisis saga.
June 20
President Obama has said that European leaders recognised the need for “bold and decisive” action to resolve the debt crisis.
June 21
A three-party coalition government has been formed in Greece in support of the international bailout and keeping the country in the euro.
June 22
Fifteen banks globally have been downgraded by ratings agency Moody’s reflecting the volatility of capital markets in the euro crisis dominated environment.
June 25
Leading hedge fund manager George Soros has argued that “Germany must take full responsibility for the financial and political consequences” if it blocks the creation of a eurozone fund to buy and hold debt of crisis hit countries.
June 27
German Chancellor Angela Merkel has called Eurobonds “economically wrong and counterproductive” in an attempt to stop the proposed method of solving the European debt crisis.
June 28th
European nations could “go to hell” if they fail to cooperate on keep interest rates on debt down argues Italian Premier Mario Monti.
June 29th
It was grim deadlock at the EU Summit in Brussels last night, as Italy and Spain refused to let an overall deal progress until receiving guarantees the eurozone would act to cut soaring borrowing costs.
