Spanish and Italian bonds Wednesday received some respite for the second day as euro zone leaders look for ways to ease borrowing costs for struggling member states.

Spain's 10-year yield fell back below the unsustainably high 7 percent line, to 6.75 percent, following remarks by French President Francois Hollande indicating a willingness by euro zone leaders to use the European Stability Mechanism to buy debt from countries that have implemented fiscal measures to stem the crisis.

The comparable Italian bond yield touched 5.73 percent on Wednesday, the lowest since June 11, before settling at 5.76 percent. Bond yields rise on perception of higher risk and decline when investors are more confident in lending money to central banks.

This possibility is giving Italy and Spain a short-term boost but it's only talk at the moment, there's nothing concrete, Padhraic Garvey, head of developed debt markets at ING Groep NV in Amsterdam, told Bloomberg News. It looks like it's going to be discussed at a European level.