Business Bites: Greece sends euro shockwaves through Europe
After nine days of failed negotiations to form a governing coalition, Greece's leading political parties have announced a caretaker government will have to be formed ahead of fresh polls in June.
The news has sent financial shockwaves throughout Europe, with the euro plunging to its lowest rate since January and Spain and Italy's governments being told they will have to pay higher rates if they want to borrow money on the international money markets.
There are fears of contagion across the continent, with many worrying that if Greece leaves the Euro other countries may follow suit.
Meanwhile, India's central bank has intervened in the currency markets to prop up the rupee which has fallen 9% against the US dollar in recent weeks.
The BBC's Aaron Heslehurst discusses the key financial stories of the day.
16 May 2012
- From the section Business