The Pain In Spain Is Mainly, Well, Everywhere!
By Peter Tchir:Spain, Spain, Spain.The reality is that Greece is largely noise. Greece will eventually leave the eurozone, but not this month. The hardliners inside Greece will realize they need some time to organize. The markets will have spooked the hardliners outside of Greece that they should play nice for a little bit, because forcing Greece out now won't do them any good whatsoever.With Greece largely a sideshow at this stage, the attention is really focused on Spain and Italy. The fact that Greece might lead the way out of the euro is having a big impact on these countries. That realization, combined with the already obvious problems at the sovereign and bank level, caused markets to sell off. The Spanish 10-year bond is back above 6%, dropping 20 bps today, which is a significant moveComplete Story »