Debt crisis: live - Telegraph Figures released last week suggest Spain's efforts to reduce its deficit to 5.8pc of GDP are unattainable without new measures. The government said it was considering raising consumer, energy and property taxes to make up for the shortfall. 08.54 More flashes appearing on Reuters from Spain's economy minister. He has also said this morning that individual eurozone countries have no blocking capacity over European summit agreements and that aid for state-rescued banks in Spain could come within weeks. 08.39 Equities are ticking higher this morning on hopes that central banks will take further policy action - such as a rate cut - to spur the global economy after manufacturing figures showed that factories had been dented by the eurozone crisis. Traders are focused on a meeting on July 5 of the European Central Bank, when it is expected to cut its main interest rate by 25 basis points to 0.75pc. The FTSE 100 is up a fraction - 0.04pc - at 5643 while the CAC is up 0.3pc to 3249 and the DAX is up 0.2pc to 651. 08.25 A flash appears on Reuters, with Spain's economy minister saying the country is to make additional efforts to achieve its deficit targets. Spain has what the IMF recently dubbed a "very ambitious 5.3pc of GDP deficit target for 2012!. It was watered down from 4.4pc to 5.3pc in March amid evidence that the initial target was impossible to reach. 07.45 The Bank of England will announce on Thursday whether it has decided to print more money to try and lift Britain's ailing economy. Analysts' money is on another £50bn of quantitative easing (QE), but as Philip Aldrick reports, though pension groups may not be big fans, two would-be pensioners at the Bank of England have not done too badly out of money printing: (L-R) Charlie Bean and Paul Tucker saw the value of their final salary pension pots rise 07.40 There are also troubling signs across the pond that the world's largest economy could be slowing more quickly than expected. America's manufacturing sector contracted for the first time in almost three years last month, raising the spectre of the world's major economic centres suffering a simultaneous slowdown. 07.32 Just when you thought the eurozone was closer to solving its debt crisis - along comes a party pooper. This time, in the shape of Finland. Yesterday, Finland pledged to block Brussels" celebrated plans to allow its new bail-out fund to buy sovereign bonds in the market. Louise Armitstead reports: A Finnish government report on last week's milestone European Summit showed that prime minister Jyrki Katainen opposed plans to give the European Stability Mechanism (ESM) the option to buy government bonds in the secondary market. On Monday a spokesman said Finland's stance was supported by the Netherlands too. "Finland finds it an inefficient way to stabilise markets," said a senior Finnish government official told reporters. A spokesman for the Dutch finance ministry said: "The Prime Minister said on June 29 he is not in favour of buying up bonds. Using the existing instruments to buy up bonds will be expensive and can only be done if there is unanimity (between member states). That means the Netherlands would need to vote in favour.