Urgency reflects growing consensus that Spanish collapse might start chain reaction that could topple Italy and destroy the euro The first planks in a dramatic bailout for Spain will be bolted together this weekend, with a final figure on the size of the rescue package to be ready within a week, according to sources in Brussels and Madrid. The moves towards bailing out the finance sector of the eurozone’s fourth biggest economy reflect a growing consensus that a Spanish collapse must be averted to prevent a devastating chain reaction that could bring down Italy and destroy the single currency. There were fears that this would spark a global downturn extending to the US and China, and both countries urged Europe to move swiftly to fix its long-running debt crisis.

More here:
Europe