There's a gloomy sense of events gathering pace in the eurozone and may be entering a decisive phase caused by the problems of the Spanish banks.

George Magnus, senior adviser to the investment bank UBS, believes the Spanish banking crisis "is very worrying" and much bigger than the problems faced by the Greek banking sector.

He told the Today programme that the crisis is "symptomatic of a deposit flight from southern Europe towards northern countries like Germany and the UK.

"The interconnections between all the banks in Europe are at risk", he said.

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