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European shares edge up after Ireland bailout plan

Source: Reuters - Mon 29th Nov 2010

European shares rose on Monday, after an 85 billion euro bailout for Ireland helped reassure investors over the country's debt situation, though fears over possible contagion to other euro zone states remained.

By 0802 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.3 percent at 1,090.32 points, rebounding from a 0.6 percent drop in the previous session.

EU finance ministers on Sunday endorsed the bailout package to help Dublin cover bad bank debts and bridge a huge budget deficit, and outlined a permanent system to resolve the euro zone debt crisis in which investors could share the cost of any future default.

"What is required is... an increase in the size of the European Financial Stability Fund. Investors are worried that what is left in the EFSF isn't big enough if Spain had a problem," said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin.

Banks were among the main risers, with BNP Paribas, Barclays and Deutsche Bank up 1 to 1.3 percent.

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