Dramatic Pre-Dawn Eurozone Deal Sends Markets Soaring
A dramatic pre-dawn deal to save the euro and revamp the eurozone by leaders of the 17 eurozone nations brought immediate relief to crisis-hit Italy and Spain and sent markets soaring on Friday.
At the end of tense talks that stretched almost till dawn, EU president Herman Van Rompuy hailed a “real breakthrough” to calm financial markets and reshape the eurozone to prevent future crises.
European markets shot upwards, Milan and Madrid in particular gaining more than three points at the open.
The interest rates which Spain and Italy must pay to borrow fell sharply, although they began to edge up towards mid-day as analysts began questioning how the announced measures would be enacted.