At the G20 summit in Mexico European leaders have agreed on a deal which will see Spain and Italy being bailed out using a €750 billion bail out fund. In the deal European governments will buy up Italian and Spanish debt, in effect transferring the debt to other countries within the eurozone; instead of bailing out the individual governments.

This is a step towards the issuing of eurobonds, which would in effect be under written by Germany

For further information: The Telegraph