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As the count begins in polling stations throughout the country, turnout for the referendum on the fiscal compact is estimated to be below 50%, unusually low for Ireland (59% turnout for 2009 Lisbon treaty referendum). The final result will be known later in the evening.
Yes side confident of victory despite low referendum turnout – The Irish Times
Spanish Minister of Economy Luis de Guindos has put forward the idea of “a banking union” to pump eurozone money directly into Spain's troubled banks instead of having to further burden the state budget. After a telephone conversation with PM Mariano Rajoy, German chancellor Angela Merkel demanded trust in “the ally” that is Spain
Guindos: “Euro’s future is at stake in Spain and Italy” – La Vanguardia
Madrid was dealt a double blow on Thursday after it emerged that almost €100bn in capital had left the country in the first three months of the year and the head of the European Central Bank lambasted its handling of Bankia, the troubled Spanish lender.
Spain fears rise after €100bn capital flight – Financial Times
The International Monetary Fund denied reports yesterday that it had begun planning a bailout for Spain as speculation mounted that the country was on the verge of asking for the biggest financial rescue in history.
IMF denies preparing €300bn Spanish bailout – The Times
In Spain the banking crisis is out of control, writes the German financial daily. The European Central Bank has called for radical means while its chief Mario Draghi wants to help the banks directly by using the ESM rescue fund.
ECB wants blitz bailout of ailing banks – Financial Times Deutschland
Croatian PM Zoran Milanović announced yesterday that GDP declined by 1.3% in the first quarter of 2012, after falling 0.4% in the last quarter of 2011. The country is in recession. Moody's announced that it plans to downgrade Croatia's credit rating.
Prime Minister admits that Croatia is in recession – Večernji list
Despite the fact that Polish GDP grew last year at an impressive pace (+ 4,3% in Q4), the percentage of people living in extreme poverty rose to 6.7% of the population (compared to 5,7% in 2010), according to Central Statistical Office (GUS).
New Polish poverty – Gazeta Wyborcza
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