This will lead to pressure on European stocks and credits as well as peripheral bonds (e.g. Italian government debt) because of lower growth and job losses. (capitalwealthplanning.com)
European bond markets initially welcomed the deal made at the July summit, although the narrowing of spreads for peripheral bonds over German Bunds was relatively muted, perhaps signaling a measure of skepticism among investors about the ability of the eurozone to survive in the absence of a formal mechanism that ensures the sharing of liabilities among member states. (us.beyondbullsandbears.com)
(It seems that the ECB was in buying European peripheral bonds from Spain and Italy.) (yragharris.com)