Fear and contagion have returned with a vengeance to Europe over the past 24 hours, despite the absence of any major event, as investors rounded on the debt of well-regarded eurozone states.

Italy, Greece and the other embattled eurozone countries were already suffering from a painfully high cost of borrowing - over the 7% threshold where bailouts become a real probability - but at the close of play last night, this sickness was also affecting a number of healthier nations.