Spanish loan boosts stock markets
Published:Monday | June 11, 2012 | 10:01 AM
The euro and stock markets have gained in Asia after a deal to shore up Spain's troubled banks eased concerns about a European currency break up.
In Asian trade, the euro rose 1 per cent versus the US dollar and Japanese yen.
Stock indexes in Japan and Hong Kong rose 2 per cent.
On Saturday, Eurozone ministers agreed to lend Spain up to 100 billion euros to help its banks.
Analysts said the deal would buy time for policymakers to solve other problems facing the 17-nation eurozone.
The biggest issue now looming on the horizon are the June 17 elections in Greece, and the worry that an anti-eurozone party may end up in a position of power.