In June it was agreed that the Eurozone bailout fund could pump money into banks without having to go through their government, meaning the banks get the money without adding to country's debts.

However, in a move which could halt the recovery Spain and Ireland, Germany, the Netherlands and Finland have said they want to use public money first and they do not want the money to help cover old losses.

Marie Diron, Senior Economic Adviser to Ernst & Young, told Simon Jack that she is concerned by the move, adding that the EU needs to "tackle the two aspects of this crisis separately".

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