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The global economy is caught in a permanent trap of boom-bust financial cycles. This deformed structure is becoming ever more corrosive and dangerous as debt ratios rise to vertiginous levels, the world's top monetary watchdog has warned.
London's top flight index pushed higher on Monday, with UK banks enjoying a strong session after the Italian government committed 17 billion euro (�15 billion) to wind up two failed banks.
The Co-operative Bank is no longer up for sale as it closes in on agreeing a rescue package with existing investors which would put it on a secure financial footing.
The rescue of Banca Popolare di Vicenza and Veneto Banca is within the letter of EU banking rules, but is it against the spirit? Photograph: Alessandro Bianchi/Reuters.