Weekly Eurozone Watch: Spain at 6.0%, Greece Blows Out

Eurozone Watch:


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.


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