BBC News with Julie Candler

The Spanish Prime Minister Mariano Rajoy says Europe has acted to secure the future of the single currency by agreeing to open up a

line of credit

to Spain's troubled banking sector. In Brussels, the European commissioner of economic affairs, Olli Rehn, said it was a clear signal that the eurozone was ready to take action to calm the financial markets. From Madrid, here's our Europe editor Gavin Hewitt.

Internationally, there has been relief that Spain's banks are to get a rescue. The view is that one of the eurozone's biggest risks has been reduced. In Spain itself, the reaction has been much more cautious. There has been criticism at the Prime Minister Mariano Rajoy for not making the announcement himself that the country's banks were to have access to loans of up to 100bn euros. Ten days ago, he said there would be no rescue of Spanish banks; today, he decided to face the press and defended the rescue as the right thing to do.

Exit polls in France suggest that President Francois Hollande's Socialist Party is heading for a majority in Parliament with its Green Party allies. There'll be a decisive second round of voting next week. From Paris, Christian Fraser.

Another good night for the Socialists in France with the new President Francois Hollande consolidating his

grip

on power. The final parliamentary balance is still hard to predict accurately, but with the support of the Greens and perhaps also the backing of the hard left lines, Mr Hollande will have a working majority. The vote means the Socialists will control the lower house for the first time in ten years that the low