German officials gave their clearest indication to date that they are prepared to intervene to shore up Italian and Spanish borrowing costs, saying eurozone leaders should use the existing powers of their €440bn rescue fund for short-term help.
After weeks of insisting they would not budge on short-term measures, the sudden German acquiescence led to a flurry of activity in Brussels, where EU leaders gathered for the latest in a series of summits intended to solve the crisis.
Unexpectedly, senior officials from all 17 eurozone finance ministries met on the sidelines of the summit to weigh emergency plans for Rome and Madrid, which focused on using the rescue fund to buy Italian and Spanish bonds to reverse the recent surge in yields.
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