By Jason Groves PUBLISHED: 07:17 EST, 28 June 2012 | UPDATED: 19:24 EST, 29 June 2012 Angela Merkel finally gave ground over new measures to save the stricken euro following an extraordinary night of summit brinkmanship by Italy and Spain. The German Chancellor reluctantly signed off a deal which will allow the eurozone’s £600billion bailout fund to invest directly in Spain and Italy’s  crippled banks. British sources last night insisted that no UK taxpayers’ money would be involved in the deal, as David Cameron had already extricated us from any involvement in the bailout funds. Scroll down for video
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Eurozone leaders work through the night to thrash out a deal
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German Chancellor Angela Merkel forced into embarrassing U-turn after abandoning demands for tough reforms in exchange for bailout money
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Leaders agree to lower borrowing costs of Italy and Spain
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Italian newspapers cannot hide their glee with anti-Merkel front pages
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Fears that Britain's financial industry might be left isolated after it was also agreed to create a single supervisory body for euro area banks
The Italian media launched an extraordinary attack on @placeholder yesterday, as the country gloated about a ‘double victory’ over Germany.