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Eurozone crisis: live

What now for Europe’s rescue package, after S&P downgraded the European Financial Stability Facility last night?

7.50am: Good morning, and welcome to another day of rolling coverage of the European financial crisis.

Standard & Poor’s decision to strip the European Financial Stability Facility of its AAA rating last night is still reverberating today. We’ll soon know if the decision has alarmed investors – as the European bailout fund is auctioning €1.5bn of debt today.

Spain, Belgium, Malta and Hungary are also auctioning debt today.

In Greece, workers are expected to hold a general strike in protest at planned changes to working rights, including cuts to the minimum wage. The walkout comes ahead of the resumption of troubled talks between the Greek govenrment and its creditors.

We also have plenty of economic data today – including inflation data for both the UK and the eurozone, and economic confidence data for Germany. And Sir Mervyn King, governor of the Bank of England, is speaking in parliament about financial stability this morning.

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