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Markets jump on hope of £500bn IMF bailout for Italy

European markets have continued to rise after speculation that the International Monetary Fund was set to bailout Italy with a £515bn loan.

The FTSE closed 2.8 per cent to stand at 5312.76.The French Cac 40 and German Dax 5.4 per cent and 4.6 per cent respectively.

At 15.57, the FTSE 100 was up almost 3 per cent to stand at 5313.49, while the French Cac 40 and the German Dax were both up over 4 per cent.

Reports in Italy said the IMF is drawing up plans for the bailout, while Spain may be offered access to IMF credit, rather than a rescue package. The IMF has quickly moved to deny it is in talks with Italy.

Asian markets also reacted positively to the news overnight. In Japan, the Nikkei 225 closed the day up 1.6 per cent, while the Hang Seng in Hong Kong rose by almost 2 per cent.

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  1. And what will happen when the coffers of the IMF start to get perilously low? Sooner or later, there won’t be yet another bail out fund to which to turn.

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