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FBN’s Ashley Webster on the impact on European markets of Spain making an official request for a bailout.
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Fox Business news Ashley Webster has the latest for us from manager -- Market sold off sharply to down the -- down 1% the Dax and cac Carlton Paris down 2% here in Madrid.
The stock exchange losing nearly full percent.
This on the news that are the Spanish government is officially -- for a bailout for its banking system.
We're not sure exactly how much money that was up to a hundred billion euros available more details we are told will be released on July the ninth meanwhile.
The tiny country of Cyprus a member of the Euro zone.
After much speculation today are asking for a bail out its.
Credit rating in the junk status and its exposure to Greek banks it -- needs money to survive that doesn't do much for sentiment -- And -- had great leadership the finance minister quitting because of ill health.
He's been on the job literally five minutes -- -- agrees cup prime minister also out of the hospital off -- having I surgery.
It appears that Greece will not be represented.
In Brussels this coming Thursday and Friday full what is being billed as a very important summit of -- summit to save the Euro as some are calling it.
But again getting the major economies to agree on fiscal and political unity.
We'll be an extremely difficult task Germany wanting more control of a national budgets and taxation.
But there is talk of a cross border banking union.
So we'll have to wait and see whether indeed the European leaders have come up with some sort of blueprint or some sort of roadmap as to where the eurozone is headed.
And how in -- -- -- sold its debt crises it all begins on Thursday in Brussels will be brought costing lives.
From then.
Back to you Barry -- Webster thank you so much make it all sound real.
