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Global Financial Crisis

Eurozone finance ministers have agreed to lend Spain up to $125 billion to bail out its troubled banks as Madrid officially stated its intention to ask the Eurogroup for help.

The jobless rate in Greece hit a record high of 21.9 per cent in March, up from 21.4 per cent in the previous month and 15.7 per cent a year earlier.
After a higher opening, Japan's Nikkei 225 index fell marginally to 8,579.03. Hong Kong's Hang Seng was down less than 0.1 per cent to 18,703.01.
A shrinking economy, untenable debt and a political backlash against austerity measures have made it increasingly likely that Greece could cease using the euro.
The German Chancellor said that the debt crisis has built over the 10 years of the currency's existence and cannot be fixed overnight.
Analysts say the bank is now likely to see what European leaders can come up with at a June 28-29 summit.