Germany defiant as Europe suffers - papers

Germany has refused to give any ground on Europe's rescue machinery despite the escalating political and economic crisis across much of the eurozone periphery, guaranteeing a bitter clash with EU partners at a crucial summit in Brussels today.

Chancellor Angela Merkel pledged no euro member would be "left on their own", but dug in her heels against the creation of eurobonds and demands to boost the EU's €440bn (£372bn) bail-out fund, writes the Telegraph. The defiant stand came as Moody's issued a downgrade warning on Spain owing to "high refinancing needs in 2011" and the risk of further bank bail-outs, write the Telegraph. Read more FSA to publish limited RBS report The City watchdog says it might be prepared to publish previously-secret findings of its investigation into events leading up to the rescue of RBS. Th...