Finance Ministers from European Union have reached a deal in the early hours of Thursday to set up new rules which would share the burden of saving a bank.
Spain formally requested for European aid of up to 100 billion euros for its banks, the Economy Ministry said in a statement.
Jeff Chowdhry, head of emerging equities at F&C Investments joins CNBC-TV18 to discuss what to make of the global markets and what to expect of the EU Summit on October 23.