Business week in pictures

For weeks there has been a steady stream of bad news on India's economy. The headline figures for economic growth in India have been revised downwards; prices continue to rise; government spending continues to grow faster than tax revenues, and the rupee has slumped. In the week beginning 21 May the currency hit an all-time low against the dollar Photograph: Adnan Abidi/Reuters

Christine Lagarde, the IMF boss who caused international outrage after she suggested in an interview with the Guardian on Friday that beleaguered Greeks might do well to pay their taxes, pays no taxes, it has emerged Photograph: Dominick Reuter/Reuters

The euro sank to a near two-year low against the dollar on Tuesday amid worries about the solvency of Spanish banks, and as the governor of the country's central bank Miguel Angel Fernandez Ordonez (pictured) quit Photograph: Andrea Comas/Reuters

The European commission said on Thursday it was prepared to give Spain more time to cut its budget deficit and risked the wrath of Germany by proposing that Europe's bailout fund should be used to recapitalise Spain's tottering banks. Pictured: Barcelona Airport cleaning staff protest against budget cuts Photograph: David Ramos/Getty Images

A former senior executive at bailed-out Spanish bank Bankia is to receive a €14m (£11.2m) payoff in a move that will cause controversy beyond the country's borders if Europe is asked to help rescue Spain's banks Photograph: Denis Doyle/Getty Images

House prices in London's glitziest districts will drop by up to 50% over the next five years if the eurozone collapses, according to research by City consultancy Fatho Photograph: Alan Gignoux/Alamy

The shareholder spring continued apace on Wednesday with the remuneration report of Centamin, a FTSE 250 gold mining company, voted down by investors at its annual meeting – putting 2012 on course to be a record year for shareholder rebellions over pay Photograph: Centamin

WPP is on a collision course with its investors over a 30% salary rise for chief executive, Sir Martin Sorrell, after advisory bodies sounded the alarm over pay at the advertising and marketing company Photograph: Brendan McDermid/Reuters

The olive oil price is now at its lowest level since 2002 – and almost half the 2005 price – on the back of falling domestic consumption in the main European producing countries because of the economic crisis and the availability of cheaper alternatives Photograph: Cristina Quicler/AFP/Getty Images

The chairman of Royal Bank of Scotland has admitted it could take generations for the bailed-out bank to return to its pre-crisis value. Shareholders, he said, had no hope of recouping their losses any time soon Photograph: David Cheskin/PA

Bicycles-to-car parts retailer Halfords said sales over the last two months had been 'very disappointing', as it reported a steep decline in profit for the year to end of March Photograph: Halfords