Key data points:
German 10-year Bund new weekly closing low at 1.516 percent;
Spain 10-year wider by 34 bps, first 2012 weekly close over 6.0 percent;
Italy 10-year 14 bps wider;
Greece 10-year blows out 425 bps on the week;
Banks x/France bounce from last week’s rout;
Euro Currency falls 1 percent against dollar;
Comment: The key question now for global markets is Greece an “indicator species‘ of a widerl debt/political problem or just a one off? The answer will determine the direction of the global markets for the rest of the year, in our opinion.