As James observed yesterday evening, the Westminster media has its eyes on one story today: Jeremy Hunt’s career-defining appearance at the Leveson inquiry. A deafening cacophony has broken out from a host of tweeters, talking heads and irate scribblers. It will be a diverting piece of political theatre at the very least.
There is drama of a different kind in the Eurozone. Irish voters will go to the polls today to approve an EU budgetary restraint treaty, which they are expected to approve. Meanwhile, Spain’s borrowing costs have reached ‘perilous levels’ (6.65 per cent) according to the Times’ commentary (£). The European Commission has indicated that the European Rescue Fund is very likely to be deployed in order to recapitalise Spanish banks, a move that the Spanish government has been opposed to.
Italian bonds are also lurking around the 6 per cent mark.
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