European markets up despite initial lacklustre reaction to Spain bailout

European markets were in positive territory today despite the lacklustre reaction to the weekend rescue of Spain's ailing banks.

The FTSE 100 Index was up 9.3 points at 5441.7, while the Dax and Cac40 were moderately higher in Frankfurt and Paris as investors remained lukewarm about the latest moves to shore up the eurozone.

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Osborne criticises Spain bailout

George Osborne has said the failure of the Spanish bank bailout is "depressing" as the banks had to be directly recapitalised into to convince the markets of its credibility. Spain's borrowing costs have hit the highest level for 13 years.