Time for a breather? The immediate danger in the eurozone government bond market crisis may have passed.

Spain last week wrong-footed the bears by raising €3.5bn ($4.33bn) of bonds, albeit at a wide yield spread to German debt; the unprecedented eurozone bailout fund announced in May has been fleshed out, even though doubts remain; last week's European Union summit was the first to pass without major drama in months, suggesting a new consensus has formed around the need for fiscal sustainability. That could help markets to recover their poise too and allow bond prices to stabilise.