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2012-07-12 08:37:45.0
http://www.telegraph.co.uk/finance/debt-crisis-live/9393508/Debt-crisis-live.html?service=artBody
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• Violent clashes in Spain after €65bn of cuts
• Irish economy shrank 1.1pc in first quarter 2012
• Ireland to repot on 'troika' negotiations
• Eurozone woes to dampen oil demand growth in 2013
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08.34 Here's a quick rundown of some of the events and data we're anticipating today:
09.00 - Eurozone industrial production for May; EU president Herman Van Rompuy and European Commission President Jose Barroso meet religious leaders
12.15 - Kornelios Korneliou, Cypriot ambassador to the EU, speaks on Cyprus’s EU presidency at the Centre for European Policy Studies in Brussels
12.30 - US weekly jobless claims
16.00 - ECB president, Mario Draghi, holds press conference in Casablanca following a seminar with Mediterranean Countries' central banks
08.18 Italy is preparing to sell as much as €7.5bn of one-year bills today, with securities maturing between 2015 and 2023 being sold tomorrow. Meanwhile in Germany, two-year yields were below zero for the fifth straight day, matching a record low. Germany’s two-year rate was at minus 0.016pc at 7:18, falling to minus 0.018pc, the lowest on record first reached on July 6
08.02 Michael Noonan, Ireland's finance minister, will report back today on the country’s latest review of its bail-out programme. This will include an update of its ongoing negotiations with the "troika," comprised of the European Union, European Central Bank, and International Monetary Fund, to ease its bank bailout debt.
08.00 Today we were due to get Irish GDP data, but it was accidentally leaked last night. Figures seen by RTE News show the Irish economy shrank 1.1pc in the first three months of the year compared to the final quarter of 2011. The National Accounts show a drop in net exports and in personal consumption were the main reasons for the fall.
07.50 Yesterday, Spaniards were told that a further €65bn would be cut from the public spending budget over the next two-and-a-half years - on top of €27bn of cuts announced previously for 2012. The news didn't go down well.
Prime minister Mariano Rajoy outlined a package of measures including:
- VAT rising from 18pc to 21pc
- Benefits for the newly unemployed cut from 70pc of salary to 50pc
- Ministerial budgets will be cut by €600m this year
Coincidentally there was also a protest by Spanish miners yesterday, who had marched for nearly three weeks to Madrid to voice their opposition to cuts to coal sector subsidies. The austerity news added fuel to the fire and violence erupted. Six demonstrators were hospitalised.
07.47 Good morning and welcome back to our live coverage of the European debt crisis.
