In the days thereafter, its front-page stories focused on ailing Portuguese and Spanish banks. In mid-June, its headline was “Fears rise over EU handling of debt crisis”. By then the markets had driven the bond yields of some euro area countries to new heights.
In other words, if the governments of those countries wanted to sell bonds to finance their debt they would have to pay much more. The media started speculating about a break-up of the euro area, as did some politicians. Two weeks later though, something had obviously changed.