The FTSE is up more than 1%, the German exchange more than 2%, and the Euro is up against the dollar.
The signs are good as the markets digest the Spanish bank bailout agreed over the weekend. For all the details that are not yet final the message was to the whimsical yet ruthless markets - the EU will not let Spain's banks collapse.
That certainty is what has bolstered prices this morning. But there are important questions that haven't yet been answered.
1. How much will Spain actually get?
The €100 billion Euro is a maximum figure with a "safety margin."
2. Will the bailout make Spain an even less trustworthy place to put money?
Markets are up this morning, but this deal actually loads up to €100 billion more onto Spain's government debt, increasing it by up to 10%, pushing it over the 90% of GDP threshold.
3. How does this help Spain escape the vicious circle where its government borrows to prop up the banks, then the banks buy the governments debt?
No one else is buying into this market.
4. What does this do to help Spain escape recession?
It stops catastrophic bank collapses which is welcome, but it doesn't change the overall dynamics.
5. Will Ireland or Portugal feel emboldened to try and renegotiate the terms of their bailout?
Will the Greek anti-bailout parties be helped by this too? Spain has been given this loan with more or less no strings attached. What are other countries suffering the consequences of tough bailout conditions meant to think?