Equities soar on ECB Eurozone support

Equity markets around the world have advanced on the plans released by the European Central Bank (ECB), to support problematic economies within the Eurozone.

Mario Draghi the ECB President, has outlined intentions to activate unlimited buying of any country's bonds, where their cost of funding is climbing to unsustainable levels.

The Footsie and most senior bourses gained over 2%, with those countries at the heart of the Eurozone crisis, such as Italy and Spain surging over 4%. Bank shares across the board were very firm indeed, as they are in the first line of any Eurozone crisis and the potential defaults that could occur.

The bond buying programme is known as Outright Monetary Transactions, or OMT''s and in the short term certainly has been very well received by the markets, where the cost of borrowing has already dropped for Spain and Italy.