Euro debt darkness and light

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Euro debt darkness and light

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Spain is going through what could be the calm before the storm. The government has already stripped spending down, but Spain’s chronically leaky banking system is threatening to take it deeper into debt. Madrid desperately needs a massive capital infusion, Swiss television SF1 reported.

Another euro member gets talked about far less, but Cyprus is also on the edge of an abyss. Its banks are dry and the country urgently needs lenders, Portuguese RTP television reported.

The UK has been celebrating Queen Elizabeth’s 60 years on the throne with national pride, and also encouraging tourists to come to London for the Olympic Games. The capital is doing a thriving business in other ways too, French television F2 reported.

Poland is also enjoying an upswing. It has become a showcase with the celebration of Euro 2012 football events. It has given the Poles an opportunity to show how well they have done, Swiss television TSR reported.