ECB in pledge to banks

The European Central Bank has sadi that it is ready to provide further support to the Eurozone banking system if necessary.

The European Central Bank has said that it is ready to provide further support to the Eurozone banking system if necessary.

As Spain's borrowing costs and this weekend's Greek election lead to further market instability, ECB President Mario Draghi said: "The eurosystem will continue to supply liquidity to solvent banks where needed."

However Mr Draghi's also told a Frankfurt news conference that while the bank stands ready to act, it is politicians who must take the lead.