Eurozone crisis- UK gives further £10bn

George Osborne  has  promised a further £10 bn to bolster up the funds at the disposal of the International Monetary Fund (IMF) the maximum he can give without further parliamentary authority, as part of the EU rescue warchest.

Everyone benfits from increased European stabilisation and though he has been critiscised for this move by the opposition, the UK joins Japan, Australia, Switzerland and South Korea, who together have increased the money available in case one of the EU members needs to be rescued, by US$430 billion.

The Eurozone panic level at the moment is quite low but there isn't a great deal of good economic news coming out of Spain, who's economy is set to contract this year by close to 2%, their unemployment is over 20% and the housing market is in deep trouble, which will reflect on the financial instuitutions that hold the mortgages on distressed loans.