The sentiment improved slightly on Wednesday after the European Central Bank Executive Board member, Benoit Coeure, clarified that the European Central Bank might revive the bond-purchase program to prevent rising borrowing costs from pressuring Spain into seeking bailouts as other indebted nations previously did.

Coeure said at an event in Paris today that market conditions are not justified, adding will the ECB intervene? We have an instrument, the securities markets program, which hasn't been used recently but it still exists.

The remarks made by the ECB member eased tension and supported markets to rebound on speculation the European Central Bank will intervene and control rising yielding on Spanish bonds, where an earlier move might shield Spain and other highly indebted nations such as Italy from following other weak nations into deep crisis and therefore asking for bailouts.