Most European markets staged a recovery on Monday to finish only slightly down, with some even making gains.
Madrid and Milan closed up 2.39 and 2.63 percent respectively, with Paris, Frankfurt, Lisburn and Moscow all making more modest gains.
The London stock exchanged remained closed on Monday due to a bank holiday.
The situation was the worst in Athens with Greece’s ATG closing nearly seven percent down.
Robert Halver, head of market research at Baader Bank said: “The markets are afraid of two things. First, the return to the old debt policy after the French and Greek elections, and secondly the typical complaints that arose last year over the disappointment that not all problems can be solved at once. I am sure though that by now politics has a sense of reality and the axis – Paris, Frankfurt and Berlin – will manage to get together and solve the problems.”
Earlier Asian markets were almost all down on the day.
Oil prices fell to their lowest level this year as European elections fed speculation that austerity measures could be derailed and escalate the debt crisis.