Vodafone was hit by the eurozone debt crisis yesterday as it was forced to write off £5.9bn in debt in its Spanish and Italian businesses, reports the Daily Mail
. European customers of the mobile phone giant either traded down to cheaper phone packages or stopped using their phones completely, wiping out Vodafone’s half-year profits. The effect of austerity measures by governments across Europe resulted in a £492m pre-tax loss for the six months to 30 September. It managed to wipe out its corporation tax bill against a string of investments as it prepares to upgrade to the new 4G network.