Amidst fears that Spain will lose access to the debt markets and require a fully fledged sovereign bailout, the yield on ten-year bonds now stands at 7.46%. After a relatively quiet period, the markets once again reacted negatively over fresh concerns regarding the ongoing eurozone crisis.

The Milan stock exchange saw shares dive sharply with bank stocks in particular bearing the brunt. Intesa Sanpaolo and UniCredit were amongst a number of banks who were suspended from trading following heavy losses.