German borrowing costs rose above those of the UK to whoops of joy around the City this morning. But the broader implications of this have not gone unnoticed as the leaders of France, Italy and Germany meet to talk tough tactics.

For the first time since March 2009, yields on UK 10-year gilts were below those issued by the German government - 2.22% played 2.23% - to the great delight of UK financiers, according to Thomson Reuters.