Political turmoil in Spain ahead of a possible European rescue triggered a financial market backlash yesterday, as Madrid prepared to announce budget plans for next year.
European share prices tumbled at the start of a crucial 48 hours for the eurozone’s fourth-largest economy, which will reveal how much money it needs to bail out its banking system as well as a new programme of economic reforms.
Spain’s Ibex share index, which had rallied strongly over the summer, ended down 3.9 per cent and the FTSE Eurofirst 300 index dropped 1.7 per cent. The euro gave up its gains of the past two weeks, falling to $1.28 as markets fretted that eurozone politicians’ resolve to ease the region’s debt crisis may be waning.
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