Even as the dust settled on two bailouts – one for Greece and another for the rest of the eurozone – Ireland and Portugal face paying the highest interest rates to service their national debt in the single currency area.

Figures suggest that sovereign bond markets continue to perceive Ireland and Portugal as the next-weakest links in Europe's big debt chain.

The big European economies and every other eurozone country with the exception of Ireland and Spain, saw the cost of their borrowing fall last week, as the German parliament approved its €148bn contribution to the €750bn in guarantees and loans eurozone governments have pledged for the single currency fund. The separate €110bn bailout for Greece funded by the EU and the IMF was agreed earlier this month.

The annual cost for Ireland to borrow money for ten years rose four basis points to 4.6% in the past five days, while the Portuguese rate fell two basis points, also to 4.6%. The Greek benchmark rate, at 7.8%, has become less relevant since the bailout, bond market analysts say.

Ireland and Spain in the last month were the only west European states whose cost of borrowing rose. The cost for Britain and France to borrow for ten years tumbled by just over half a percent (51 basis points) to 3.5% and 2.9%, respectively, while the annual cost for Germany has fallen in the last four weeks by 45 basis points to 2.6% on Friday.

The sovereign bond markets appear to be treating Britain – which has Europe's largest annual budget deficit with Greece and Ireland – with kid gloves.