Spanish Banks downgraded

Markets are unfortunately still dominated by the EU crisis as Moodys, the respected Ratings Agency, downgrades 28 Spanish Banks while the Spanish Government looks for up to Euro 100 billion from the central purse, to restructure their banking system.

Cyprus are also looking for bailout funds, to ensure it's banks have sufficient operating capital, that have been hit hard by exposure to the Greek economic crisis.

Equity markets have been weak over the last three days, concerned currently over the high price that Spain is having to pay to finance it's own debt, which is considered unsustainable over the long term. EU chiefs are looking for ways to finance centrally but this is opposed by Germany that sees itself as picking up the bill.

As always lots of talk but no one solution that gives global markets comfort that this complex and many faceted crisis is over.