All the day’s economic and financial news, as Britain’s national debt hits a new all-time high and Italian bank Monte Dei Paschi fights for its future * Latest: UK borrowing drops to £12.6bn, from £13,2bn * National debt now at £1.655 trillion * City analysts unimpressed * But UK seems on track to hit new deficit targets 12.42pm GMT Over in Greece, relations with creditors remain awkward and tense following Monday’s inconclusive euro working group (representing Greek creditors) The tensions stirred by the announcement of relief measures for those hardest hit by the country’s seemingly relentless economic crisis show no sign of abating. Monday’s euro group meeting was a test case in humiliation for the embattled Greek government with Athens being forced to accept in writing that the bonus proclaimed by prime minister Alexis Tsipras for pensioners is a “one off” that will never be repeated. 12.13pm GMT One of Monte dei Paschi’s riskier bonds has tumbled in value today, in another sign that investors believe its €5bn cash call will fail. Monte dei Paschi's E2bn retail bond looks to be pricing in something unpleasant in the near future. pic.twitter.com/h7FR73JOtO Continue reading...
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