In depth coverage of Global Financial Crisis from Business Today
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Global Financial Crisis

The request came as Standard & Poor's downgraded Bankia and four other Spanish banks to junk status because of uncertainty over restructuring and recapitalization plans.

 
 
Greek banks suffered massive losses following a writedown of their Greek government bond holdings this year.
Moody's has cut the debt ratings of 16 Spanish banks, citing the effects of the ongoing recession and the Spanish government's own reduced creditworthiness.
The latest data shows that private consumption in Japan grew at an annual rate of 4.4 per cent. Consumer spending makes up more than half of Japan's economy.
New French President Francois Hollande and German Chancellor Angela Merkel have voiced their support for the debt-stricken nation to remain in the euro zone.
Asian stocks also endured losses, although one notable exception was Japan, where the benchmark Nikkei 225 index rose 0.2 per cent to close at 8,973.84.
The number of job openings in the United States rose to 3.74 million in March from a revised 3.57 million in February.
 
 
OECD calls on governments and Europe's central bank to act quickly to stop the slowdown spilling over into the global economy.
Greece's Parliament is to be dissolved, after an inconclusive election left squabbling politicians unable to form government, deepening the country's political crisis.
Asian benchmarks recorded sharp losses earlier in the day. Japan's Nikkei 225 index dropped 1.1 per cent to close at 8,801.17, its lowest close since January 30.
Moody's move was part of a wider review of European bank ratings and comes at a critical moment when the single currency union was struggling to maintain its integrity.
Japan's Nikkei 225 index fell 0.4 per cent to 8,972.24 and South Korea's Kospi lost 1.3 per cent at 1,919.20. Hong Kong's Hang Seng fell 1.2 per cent to 19,989.54.
The newly powerful in France and Greece want to roll back the spending cuts and tax increases that have defined Europe's response to its 3-year-old debt crisis.
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