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Global Financial Crisis

Spain's Economy Minister Luis de Guindos has said that although the country is finally asking for help from the European rescue fund there will be no new cuts or tax increases.

The unemployment rate in France inched up by 0.8 per cent in June compared with the previous month, reaching a record high since August 1999.
Moody's Investors Service has slashed the ratings of 13 Italian banks, citing the weakened credit profile of the Italian government.