Newsday 2012-06-29: Photos BANGKOK - (AP) -- World stock markets and the euro rose sharply Friday after European leaders hammered out a strategy aimed at stanching an escalating financial crisis among the 17 countries that use the euro. Leaders who gathered in made unexpected progress on the second and final day of a summit convened to map out a plan to turn around the continent's economy. Investors had expected the summit -- like so many meetings before it -- would not produce a solution powerful enough to restore the confidence of markets. Analysts said the proposals from the summit represented credible... more »

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Eurozone crisis live: Spain wins concessions over bank bailout

Eurozone leaders agreed to channel bailout funds directly to Spain's banks, after creating a single banking supervisor for the region to be run by the ECB

Live 29 Jun 2012:

Eurozone leaders agreed to channel bailout funds directly to Spain's banks, after creating a single banking supervisor for the region to be run by the European Central Bank

http://www.guardian.co.uk/business/series/eurozone-crisis-live

European shares rise on eurozone bank bailout deal

European stock markets rose on Friday morning after eurozone leaders agreed a bailout deal for the region's debt-laden banks.

At the open, the French Cac 40 index of leading shares was up more than 3%, while the German Dax index rose 2.4%.

In London, the FTSE 100 was up 1.4%, despite the interest rate-fixing scandals hitting the banking sector.

Spanish and Italian bond yields - an indicator of government borrowing costs - fell on news of the bank deal.

Italy's 10-year bond yields fell to 4.5%, while Spain's eased to 5.8%, way below the critical 7% mark considered the trigger point for countries to ask for bailouts.

Madrid's IBEX index lifted more than 4% early morning trading.

The euro also rose 1.1% against the dollar, to $1.2571, reflecting new-found confidence that the eurozone debt crisis is finally being tackled by EU leaders.

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