Is the worry over the eurozone crisis finally abating? Perhaps, if the credit markets are accurate. The cost of insuring against bank default has fallen in the past week to its lowest level since the eurozone summit on October 27, when politicians outlined its plan to curtail the European debt crisis.

Credit default spreads for European senior financials, which have senior debt that takes priority over other debt securities in case of default, fell to 224 on January 23, the lowest level since 209 on October 27. A significant amount of that fall has happened in the past week, when it was 266 on January 16.