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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Euro recovers -- but fears of Portugal bailout AFP - Thursday, December 2 Send IM Story Print Euro recovers -- but fears of Portugal bailout LONDON (AFP) - – The euro rallied slightly from a recent plunge on Wednesday and pressure on Spain eased up, but the eurozone debt crisis still dominated sentiment with Portugal being put on credit watch. European stock markets rallied, and government bond rates eased a day after Spanish and Italian government 10-year borrowing costs rose to a record wide gap above the rate eurozone benchmark Germany must pay. The 10-year borrowing rate for Spain eased to 5.30 percent having reached 5.50 percent on Tuesday, and the difference above the rate Germany must pay fell to 2.60 percentage points from 3.0 percent on Tuesday. "Markets are still concerned about the debt crisis spreading to other countries," Commerzbank analyst Ulrich Leuchtmann said on Wednesday. Ratings agency Standard & Poor's placed Portugal on a credit watch because of "increased risks to the government's creditworthiness" as Europe's debt woes deepened. S&P on Tuesday said increased risks came from the Portuguese government not doing enough to enact "growth-enhancing reforms" and from proposed changes to EU rules that could mean private bondholders are last in line to be paid back. Fears that Portugal could follow Ireland and Greece in receive a massive international financial bailout sent the euro sinking to a two-month low under 1.30 dollars on Tuesday. The single currency recovered a little on Wednesday, standing at 1.3053 dollars in early London trade compared with 1.2983 dollars late on Tuesday in New York. "The euro has stabilised overnight following comments from ECB President (Jean-Claude) Trichet hinting that the ECB could consider expanding its sovereign debt purchase programme," said Lee Hardman, analyst at The Bank of Tokyo-Mitsubishi UFJ in London. European stock markets meanwhile rallied, with London jumping 0.95 percent, Frankfurt advancing 1.19 percent and Paris gaining 0.66 percent in morning trade. Madrid shot up 2.36 percent and share prices also gained in Italy and Portugal. "For all of the woes around at the moment the equity markets continue to be reasonably solid," said Simon Denham, head of trading group Capital Spreads. In taking on problems faced by major Irish banks, Dublin dug itself a hole that forced it last week to seek 67.5 billion euros (88 billion dollars) in financial aid from the European Union and the International Monetary Fund. Analysts meanwhile noted that European Central Bank plans to edge back towards normal monetary policies when its governing council meets on Thursday might have been blown off course by the Irish debt crisis. When the Greek crisis caused lending markets markets to freeze up in April the ECB began providing banks with unlimited short-term loans at low rates. As lending markets in most of the eurozone countries have returned to normal, the ECB has begun to look for an "exit strategy" to end its exceptional measures, but the Irish crisis has reawakened concerns. "The ECB will need to continue to provide exceptional support, despite earlier indications," ABN-Amro analysts said in a research note. 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