An independent audit of the Spanish banks have said that a bailout of up to €62 bn is needed to prop up the country's beleaguered financial sector. ...
So the crunch weekend has come and gone, and as the headlines said - "Greece has voted to stay in the euro". Despite what you might have read, these Greek elections were never going to present the world with a solution to the eurozone crisis and, at the time of writing, they haven't even given us a day's worth of gains in markets.
I really had hoped that we would be able to avoid talking about peripheral Europe once March's Greek bond payment and orderly default on its debt was out of the way. The focus has of course shifted from Italy to Spain in the past month, as Mariano Rajoy's 100-day honeymoon as Spanish prime minister has come to a rather sudden and painful stop.
The world economy will grow next year, but growth will be largely confined to developing nations. Their ability to grow even when developed economies are struggling has surprised economists. It means that we can be confident that fewer children will go to bed hungry next year than this year. That is something to be celebrated.