Spain gets a reprieve in the bond markets (Thursday 17th June 2010) as bond traders drive the 10yr Spanish debt yield up to 4.86% from 4.05% on (May 2010)
ECB is buying up commercial paper/bonds/EUR in turn having EU banks drop their toxic assets onto the ECB balance sheet. All to drop yields, attempt to create liquidity and maintain assets prices.
You would think the Europeans would learn from their history books that no war can be fought on all fronts. You'll exhaust your supplies and weary your troops. The ECB will crack at some point and the EU will go into turmoil.
The EUR has a huge sell signal coming up.
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