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| Eurozone crisis live: Bombs in Athens over Easter break | Eurozone crisis live: Bombs in Athens over Easter break |
| (40 minutes later) | |
| 8.47am: Here we go again... the Spanish finance minister, Luis de Guindos, has said he will not rule a bail-out for Spain, according to Bloomberg's economics editor. | |
| De Guindos declines to rule out bail out for Spain | |
| — Linda Yueh (@lindayueh) April 10, 2012 | |
| 7.53am: Spain's government yesterday announced plans for more cuts. Christian Schulz at Berenberg notes: | 7.53am: Spain's government yesterday announced plans for more cuts. Christian Schulz at Berenberg notes: |
| Together with the regions, the central government wants to make €10bn of savings per year in education and health. The cuts would come on top of the €27bn deficit reduction plan announced in March. If the government can agree with the regions on these additional cuts, they may partly fill the €15bn gap the regions need to close to fulfil their deficit target of 1.5% in 2012. | Together with the regions, the central government wants to make €10bn of savings per year in education and health. The cuts would come on top of the €27bn deficit reduction plan announced in March. If the government can agree with the regions on these additional cuts, they may partly fill the €15bn gap the regions need to close to fulfil their deficit target of 1.5% in 2012. |
| The strong fiscal tightening this year to cut the deficit from 8.5% to 5.3% may stoke fears of a deeper recession and potentially a Greek-style downward spiral in Spain. | |
| Spanish sovereign debt fell in value again this morning, pushing up the yield (the measure of the interest rate) on its 10-year bonds to 5.8% this morning. The difference between the yield on Spanish and German debt is at its greatest since November, with a spread of 4.1%. | Spanish sovereign debt fell in value again this morning, pushing up the yield (the measure of the interest rate) on its 10-year bonds to 5.8% this morning. The difference between the yield on Spanish and German debt is at its greatest since November, with a spread of 4.1%. |
| Yields on Italian and Greek sovereign debt also rose to 5.51% and 22.1% respectively. | Yields on Italian and Greek sovereign debt also rose to 5.51% and 22.1% respectively. |
| 7.50am: Germany exports grew for the second month in a row in February. Exports rose by 1.6% and imports by 3.9%, meaning the trade surplus narrowed to €13.6bn. | 7.50am: Germany exports grew for the second month in a row in February. Exports rose by 1.6% and imports by 3.9%, meaning the trade surplus narrowed to €13.6bn. |
| 7.45am: The Bank of France said this morning that the French economy remained stable in the first quarter with no growth, suggesting the second largest economy in the eurozone has avoided a recession. | 7.45am: The Bank of France said this morning that the French economy remained stable in the first quarter with no growth, suggesting the second largest economy in the eurozone has avoided a recession. |
| 7.42am: There's not a great deal of economic data out today. Here's the agenda so far. | 7.42am: There's not a great deal of economic data out today. Here's the agenda so far. |
| • Swiss unemployment rate for March: 6.45am BST • German trade balance for February: 7.00am BST • Bank of France report for March: 7.30am BST • Eurozone Sentix investor confidence for April: 9.30am BST • UK house prices for February, DCLG data: 9.30am BST | • Swiss unemployment rate for March: 6.45am BST • German trade balance for February: 7.00am BST • Bank of France report for March: 7.30am BST • Eurozone Sentix investor confidence for April: 9.30am BST • UK house prices for February, DCLG data: 9.30am BST |
| In the bond markets, Austria will be selling €1.3bn of five and 10-year bonds, the Netherlands will be selling up to €3.5bn euros of five year bonds, and France will be selling treasury bills. This afternoon the US will be selling four-week and three-year bonds. | In the bond markets, Austria will be selling €1.3bn of five and 10-year bonds, the Netherlands will be selling up to €3.5bn euros of five year bonds, and France will be selling treasury bills. This afternoon the US will be selling four-week and three-year bonds. |
| 7.30am: Good morning and welcome to our rolling coverage of the eurozone financial crisis. | 7.30am: Good morning and welcome to our rolling coverage of the eurozone financial crisis. |
| Protests continue in Athens, with Greeks using home-made firebombs to target government buildings. One exploded outside the Administrative Reform Ministry early yesterday, and another near the former Greek prime minister's office. | Protests continue in Athens, with Greeks using home-made firebombs to target government buildings. One exploded outside the Administrative Reform Ministry early yesterday, and another near the former Greek prime minister's office. |
| This morning, the Bank of Japan left rates on hold at between 0 and 0.1%; and China posted a surprise trade surplus of $5.35bn (£3.4bn) in March, although imports were much weaker than expected. | This morning, the Bank of Japan left rates on hold at between 0 and 0.1%; and China posted a surprise trade surplus of $5.35bn (£3.4bn) in March, although imports were much weaker than expected. |
| We've got figures out on Swiss unemployment in March, the German trade balance for February, and there's a survey of investor confidence in the eurozone out later. | We've got figures out on Swiss unemployment in March, the German trade balance for February, and there's a survey of investor confidence in the eurozone out later. |