Asian stocks and the euro have soared in early trading after Spain sought a lifeline for its ailing banks over the weekend.
Traders appear to have accepted that the deal has eased fears Europe’s debt crisis was about to spin out of control.
Spanish Prime Minister Mariano Rajoy has admitted though that a bad year lie ahead – with the country remaining in recession and unemployment.
The 100 billion euro deal, agreed by EU finance ministers over the weekend, was designed to halt a deepening of the Eurozone crisis.
Opposition parties here say the deal is a setback for Ireland’s hopes of getting a cheaper deal on our bank debt.
But, Director at the Centre for European Policy Studies, Daniel Gros, says Ireland may be in a better position than Spain due to the conditions of our bailout.
