Relief in eurozone as France and Spain secure funds in critical bond auction
France and Spain have cleared major funding tests, steadying volatile markets and giving some much-needed cheer to the embattled eurozone.
Paris and Madrid secured 13bn (£10.8bn) of funding between them in bond auctions at significantly lower interest rates than last year, despite a downgrade by the ratings agency Standard & Poor's last week that sparked fears of a run on the euro and the collapse of several banks.
Stock markets rose on the news, with the FTSE 100 finishing the day up 38 points at 5741.15, while the German Dax rose 1%. The Paris CAC regained some of its losses in recent months with a 2% rise to 3328.94.
Ireland added to the positive mood when it was described as the "poster child" for the International Monetary Fund and the European Union following a favourable review of its path to economic recovery.
full: http://www.guardian.co.uk/business/2012/jan/19/eurozone-france-spain-bond-auction