Madrid Ibex tumbles after night of protests

<p>The Madrid Ibex has tumbled this morning following a night of civil unrest.</p>

The Madrid Ibex benchmark has tumbled at open this morning (September 26th) after a night of protests tore through the capital city ahead of the government's announcement of further austerity measures.

At least 20 people were arrested according to reports of the incident, which saw thousands of civilians form a human chain around the parliament buildings and attempt to tear down barriers in defiance of the cuts.

Prime minister Mariano Rajoy and his government will deliver a new set of reforms tomorrow in a bid to prove to international lenders that the debt-addled Iberian nation is taking control of its vast public debts and gaping deficit.

There is concern in Europe that Spain will need additional rescue funding beyond the €100 billon (£80 billion) granted by finance ministers in June to save its banking sector.

At 08:20 BST, the Spanish Ibex index in Madrid plunged 1.5 per cent to a value of 8051.00 points.

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