Economy

Biggest depreciation for emerging markets since 1998 is expected to worsen.

European Central Bank relaxes its rules on collateral for loans it makes to banks.

Prime Minister Rajoy has lost credibility since his election seven months ago.

Stocks and bonds move higher after Moodys cuts its ratings on 15 global banks.

Credit Suisse rating lowered three notches, Morgan Stanley by two.

German chancellor opposes proposal to use bailout funds to buy indebted nations bonds.