Slowly but unsurely Europe is facing up to population trends that will sap long-run economic growth and force nations to choose between cutting pensions and welfare benefits or paying higher taxes to maintain them.

The Cyprus bank account levy plan sent has sent shockwaves across Europe with savers in other countries now fearing their money may not be safe.

Documents leaked over the past few days show that the Greek government is looking for a two-year extension on the €11.5bn fiscal consolidation programme it agreed with the EU and IMF over 2013 and 2014.

Fears that a Spanish property bust could claim thousands of Irish victims were raised today following a massive slump in the country’s real estate market.