By Neal
Armstrong and David Goodman - Jan 9, 2014
Europe’s
financial markets are picking up where they left off 2013, extending a rally in
bonds and stocks that’s making the region’s sovereign debt crisis little more
than a fading memory.
Ireland
sold bonds this week, returning to financial markets after completing a
three-year bailout program. Portugal -- another aid recipient -- is holding a
sale today. Banks in Spain and other periphery countries have never been able
to borrow as cheaply as they can now. The Stoxx Europe 600 Index of stocks
closed at its highest level since May 2008 yesterday and the euro is about its
strongest since 2011 against the dollar.