The eurozone economy looks set to remain in recession for the foreseeable future, following a stronger than anticipated decline at the start of the second quarter of the year.

AVOCA Capital Holdings is planning to use a record cash hoard to buy high-yield debt that has plummeted 8.4% since July, the co-founder of the €6 billion Dublin-based fund said.

ANGLO Irish Bank’s chief financial officer, Maarten van Eden, said European Union support doesn’t fundamentally address problems at Irish lenders and they remain reliant on central bank funding, according to an op-ed in Dutch newspaper Het Financieele Dagblad yesterday.